ADVFN - Advanced Financial Network.
HOME» NYSE » K » KBH Stock Price » KBH Stock News

Kb Home Share News

 Kb Home Stock Price
KBH Stock Price
 Kb Home Stock Chart
KBH Stock Chart
 Kb Home Stock News
KBH Stock News
 Kb Home Company Information
KBH Company Information
 Kb Home Stock Trades
KBH Stock Trades

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; [email protected]

Stock News for Kb Home (KBH)
DateTimeHeadline
02/24/201708:00:00KB Home Announces the Grand Opening of Westview Landing in Houston
02/24/201708:00:00KB Home Announces the Grand Opening of The Villas at The Meadows...
02/23/201708:00:00KB Home Announces the Grand Opening of Lotus in Santa Ana
02/23/201708:00:00KB Home Announces the Grand Opening of River Village in Santee
02/22/201708:00:00KB Home’s Communities at Communications Hill Continue to Attract S...
02/21/201708:00:00KB Home Announces the Grand Opening of Copperleaf in Mandarin
02/17/201716:45:30Statement of Changes in Beneficial Ownership (4)
02/17/201716:45:29Statement of Changes in Beneficial Ownership (4)
02/17/201716:44:32Statement of Changes in Beneficial Ownership (4)
02/17/201716:44:32Statement of Changes in Beneficial Ownership (4)
02/17/201716:44:06Statement of Changes in Beneficial Ownership (4)
02/17/201716:44:05Statement of Changes in Beneficial Ownership (4)
02/17/201708:00:00KB Home Announces the Grand Opening of Springtime at Harvest...
02/16/201708:00:00KB Home Announces the Grand Opening of Summit Crest in Fontana
02/15/201708:00:00KB Home Announces the Grand Opening of Jade Tree in Chino Hills
02/14/201711:33:45Amended Statement of Ownership (sc 13g/a)
02/14/201708:00:00KB Home Announces the Grand Opening of Serene Canyon in Las Vegas
02/14/201706:09:48Statement of Ownership (sc 13g)
02/10/201709:04:50Amended Statement of Ownership (sc 13g/a)
02/09/201716:28:11Statement of Ownership (sc 13g)

Kb Home and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2016 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US