By Adriano Marchese
KB Home's shares rose Tuesday morning after the company reported higher revenue and profit in its fiscal fourth quarter thanks to an improved housing market and stronger home-buying momentum.
The shares rose 2.3% to $65.41 in early trading, pulling back from an earlier high of $72.64.
The homebuilder late Monday reported fourth-quarter revenue of $2 billion, a 20% jump form a year earlier and just ahead of the $1.99 billion that analysts polled by FactSet were looking for.
The company said that home orders increased 41% to 2,688, with order value also jumping 41% to $1.32 billion. Overall, the average selling price rose 3% to $501,000, and homes delivered increased 17% to 3,978.
KB Home's profit rose to $190.6 million, or $2.52 a share, for the three months ended Nov. 30, from $150.3 million, or $1.85 a share, a year earlier. Analysts polled by FactSet had forecast per-share earnings of $2.44.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
January 14, 2025 10:27 ET (15:27 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.