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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;

Stock News for Kb Home (KBH)
10/02/201512:25:40Statement of Ownership (sc 13g)
10/01/201508:00:00KB Home Announces the Grand Opening of Seminole Groves in Seminole
09/25/201513:59:00Correction to KB Home Earnings Story
09/24/201510:00:00KB Home's Sales Soar, but Profit Hurt by Land Costs, Impairments
09/24/201509:57:48Current Report Filing (8-k)
09/24/201508:30:00KB Home Reports 2015 Third Quarter Results
09/23/201511:00:00KB Home Announces the Grand Opening of Haywood at Five Knolls...
09/17/201510:00:00KB Home Announces the Grand Opening of The Villas at North Park...
09/16/201509:00:00KB Home Announces the Grand Opening of Vista Point in Austin
09/09/201518:44:00KB Home’s 2015 Third Quarter Earnings Conference Call to Be W...
09/03/201508:00:00KB Home Welcomes Jay Lewis as President of Its Orlando Division
08/27/201509:00:00KB Home Announces the Grand Opening of Lakewood Pines in Houston
08/12/201509:00:00KB Home Announces the Grand Opening of Cimarron Creek in Magnolia
08/11/201516:31:29Current Report Filing (8-k)
07/30/201511:00:00KB Home Announces the Grand Opening of Lynbrook At The Preserve...
07/30/201509:00:00KB Home Announces the Grand Opening of Falcon Landing on the...
07/29/201509:25:00Residential Construction Equities Technical Analysis -- KB Home...
07/28/201508:00:00KB Home Announces the Grand Opening of Orchard Park in Winter...
07/23/201511:00:00KB Home Celebrates Grand Opening of Vineyard Crossing in Livermore
07/22/201508:00:00KB Home Announces the Grand Opening of Arbor Chase in East Orlando

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