KB Home Q1 Profit Decreases; Revenues Up 29% - Quick Facts

(RTTNews) - KB Home (KBH) reported first-quarter net income of $7.80 million or $0.08 per share, compared to $10.56 million or $0.12 per share, prior year. Total pretax income was $10.50 million, compared to $10.76 million.

On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $0.02 for the quarter. Analysts' estimates typically exclude special items. Revenue increased to $580.12 million from $450.69 million, last year. Analysts expected revenue of $474.90 million for the quarter. The company said its total revenues rose 29% driven by growth in the housing and land sale revenues.

Housing revenues grew 19% to $524.8 million from $440.1 million, last year. The company delivered 1,593 homes in the first quarter, representing an increase of 10% from 1,442 homes delivered in the year-earlier quarter.