KB Home (KBH) swung to profit in the first quarter of 2019 from a loss last year, helped by lower income tax expense. The bottom line exceeded analysts’ expectations while the top line missed consensus estimates. A decline in homebuilding revenue hurt the top line. Following this, the stock inched up over 1% in the after-market session.
Net income for the quarter was $30 million or $0.31 per share compared to a loss of $71.3 million or $0.82 per share in the previous year quarter. However, revenue fell 7% to $811.5 million due to lower homebuilding revenue.
The company delivered a total of 2,152 homes during the quarter, down 3.2% compared to last year. The average selling price declined 5% to $370,900 due primarily to a shift in geographic mix of homes delivered and a lower average selling price in the company’s West Coast region.
Net orders for the first quarter fell 4% to 2,675, and net order value dropped 13% to $1.02 billion. The number of homes in ending backlog decreased 6.9% to 4,631 and ending backlog value plunged 16% to $1.66 billion. The decrease in backlog value reflects fewer homes in backlog and the lower average selling price of those homes due to a shift in geographic mix.
The company had total liquidity of $978.5 billion as of February 28, 2019, including cash and cash equivalents of $511.7 million. Inventories increased by 3% to $3.68 billion. Stockholders’ equity increased by 2% to $2.13 billion from November 30, 2018.
Shares of KB Home ended Wednesday’s regular session up 0.88% at $24.08 on the NYSE. The stock has fallen over 15% in the past year while it has risen over 24% in the past three months.
Yelp (NYSE: YELP) reported second-quarter financial results after the regular trading hours on Thursday. The results were better than what the street had anticipated. YELP shares rose 4% immediately following the
Uber Technologies (NYSE: UBER) reported its second-quarter 2020 financial results after the regular trading hours on Thursday. Revenues exceeded the estimates, while the bottom-line missed. Shares of the ride-hailing company
TMobile US Inc. (NASDAQ: TMUS) on Thursday announced financial results for the second quarter of 2020, reporting a 61% increase in revenues aided by strong customer growth. The results also