KB Home fiscal Q3 earnings exceed expectation

A KB model at Camberly Place. / Builder

 

Orders up 3%, deliveries rise 8%, backlog flat.

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KB Home (NYSE: KBH), Los Angeles, on Tuesday after market close reported net income of $87.5 million, or $.87 per diluted share, for its third quarter ended August 31, 2018, an increase of 74% in income and 71% in per share earnings compared to the same period last year. Analysts polled by The Wall Street Journal were looking for a gain of $0.77 per share. Shares of KB were up nearly 5% in after-market trading Tuesday.

“We produced solid third quarter results, generating a 71% increase in our diluted earnings per share,” said Jeffrey Mezger, chairman, president and chief executive officer. “Our core home building business continued to perform very well, as healthy demand in our served markets and effective execution on our distinctive customer-centric operating model drove revenue expansion, a 190-basis point improvement in operating margin, and a meaningful increase in net income.”

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