By Tim Logan | Los Angeles Times
The Los Angeles-based builder on Friday reported profits of $26.6 million in the second quarter, or 27 cents a share, swinging from a loss in the same period last year and beating analysts’ expectations.
While KB sold fewer homes in the three months ending May 31 than it did in the same period of 2013, those houses sold, on average, for 10% more, boosting revenue by 8% to $565 million. KB credited the improving housing market generally, and the company’s “continued focus on positioning its new home communities in land-constrained locations that typically feature higher household income and strong demand.”
