KB Home Reports Highest Q4 Pretax Income Since 2005 - Quick Facts

(RTTNews) - KB Home (KBH) reported that its fourth-quarter pretax income increased to $69.9 million, its highest fourth-quarter level since 2005 and a 144% increase from the $28.6 million reported in the year-earlier quarter. Net income was $44.0 million, or $0.43 per share, compared to $852.8 million, or $8.36 per share, a year ago. The prior year fourth-quarter result reflected the company's reversal of $825.2 million of its deferred tax asset valuation allowance.

On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $0.50 for the quarter. Analysts' estimates typically exclude special items.

Total revenues grew 24% from the year-earlier quarter to $985.8 million. Analysts expected revenue of $1.07 billion for the quarter.

KB Home reported that its fourth-quarter housing revenues rose 25% to $979.8 million from $783.5 million in the fourth quarter of 2014, driven by increased delivery volume and a higher overall average selling price. The company delivered 2,580 homes, up 16% from 2,229 a year ago, representing its highest number of fourth-quarter deliveries since 2009.