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.
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