Shares of homebuilding company KB Home (KBH) are rising more than 6% Wednesday morning after the company's fourth-quarter earnings beat estimates.
Net income in the fourth quarter was $106.1 million or $1.12 per share compared with $123.2 million or $1.31 per share in the same quarter a year ago. On average, 7 analysts polled by Thomson Reuters expected the company to report earnings of $0.93 per share for the quarter.
Revenues totaled $1.19 billion, down 23% from $1.56 billion last year, hurt by Covid-19 pandemic.
KB Home said its net orders for the quarter grew 42% to 3,937, the company's highest fourth-quarter level since 2005, with net order value growth of 50%, to $1.58 billion.
"With the sustained strong housing demand over the 2020 second half, the company has intensified its land acquisition and development investments to measurably expand its lot pipeline and support future community count growth. In the fourth quarter, the Company increased its investments by 63% from the year-earlier quarter and, as a result, anticipates positive year-over-year community count comparisons beginning in the 2021 second half to drive an increase in community count for the year," the company said.
KBH, currently at $36.38, has been trading in the range of $9.82- $42.20 in the last one year.
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