Homebuilder KB Home (NYSE: KBH) on Wednesday announced financial results for the second quarter of 2023, reporting lower earnings and an increase in revenues.
Net profit dropped to $164.4 million or $1.94 per share in the second quarter of 2023 from $210.7 million $2.32 per share in the comparable period of 2022.
At $1.77 billion, revenues were up 3% year-over-year. The top line benefited from an increase in revenue in the core homebuilding segment.
“Our financial performance coupled with share repurchases over the past several quarters meaningfully expanded our book value per share, up 24% from a year ago, to $46.72,” said Jeffrey Mezger, chief executive officer of KB Home.