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KB Home 4Q Profit Slides 83% On Lower Revenue, Tax Benefit

DOW JONES NEWSWIRES KB Home's (KBH) fourth-quarter profit slid 83%, though results were better than analysts had feared, as revenue fell by one-third and the company recorded a significantly lower tax benefit than a year earlier. Shares jumped 3.6% premarket to $14.85. KB has improved its results drastically in recent quarters, like many other builders that benefited from a government tax credit that caused new buyers to look for homes in droves before the credit expired this spring. Since the credit's expiration, builders have seen orders slump--with KB's orders declining 25% from a year earlier to 1,085 units. President and Chief Executive Jeffrey Mezger on Friday noted that the company has a cautious outlook as housing-market conditions remain difficult. "While there are indications that the overall economy has started to recover, the lack of improvement in employment and consumer confidence is likely to continue to hinder a sustained housing recovery," he said. For the quarter ended Nov. 30, KB reported a profit of $17.4 million, or 23 cents a share, down from $100.7 million, or $1.31 a share, a year earlier. The most-recent quarter included a tax benefit of $2 million and $3.2 million of inventory impairment and land-related charges, while the year-earlier quarter included a $191.7 million tax benefit and $77.2 million of inventory and joint-venture impairment and land-related charges. Revenue dropped 33% to $451 million, hurt by lower housing and land-sale revenue. Analysts polled by Thomson Reuters had most recently forecast a loss of 17 cents on $441 million in revenue. Adjusted housing gross margin, which excludes items such as inventory impairment, rose to 19.7% from 19%. At the quarter's end, backlog was 37% lower than a year earlier at 1,336 homes. Meanwhile, the average selling price rose 14% and the cancellation rate rose to 29% from 17% a year earlier. -By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com

Stock News for Kb Home (KBH)
DateTimeHeadline
09/20/201617:45:00Lennar, KB Home Profits Top Estimates Amid Housing Recovery--Update
09/20/201616:12:07Current Report Filing (8-k)
09/20/201616:05:00KB Home Reports 2016 Third Quarter Results
09/14/201616:22:00KB Home to Webcast Presentation at the Deutsche Bank 24th Annual...
09/14/201611:00:00KB Home Announces the Grand Opening of Mission Terrace in San...
09/06/201616:05:00KB Home to Release 2016 Third Quarter Earnings on September 20...
08/31/201611:00:00KB Home Announces the Grand Opening of Villas at Sycamore Farms...
08/18/201612:49:38Current Report Filing (8-k)
08/18/201611:00:00KB Home Names Glen Longarini as President of Its Los Angeles/Ventura...
08/17/201608:00:00KB Home Announces the Grand Opening of Chandlers Crossing in...
08/16/201610:00:00KB Home Acquires Land for Two New Communities in Castle Rock
08/10/201608:00:00KB Home Announces the Grand Opening of Vista Pointe in Jacksonville’s I...
08/09/201609:00:00KB Home Announces the Grand Opening of Copano Ridge in Universal...
08/09/201608:00:00KB Home Announces the Grand Opening of Landings at Wells Branch...
08/03/201611:00:00KB Home Names Amy McReynolds as President of Its Tucson Division
07/27/201617:38:14Statement of Changes in Beneficial Ownership (4)
07/21/201611:00:00KB Home Announces the Grand Opening of Mission Villas in San...
07/21/201609:10:00PulteGroup Reports Upbeat Earnings
07/20/201616:54:52Current Report Filing (8-k)
07/19/201608:00:00KB Home Announces the Grand Opening of Creekstone in Orlando

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