KB Home Reports Q4 Pretax Income Of $28.60 Mln; Revenues Up 29% - Quick Facts

(RTTNews) - KB Home (KBH) reported fourth-quarter net income of $852.80 million or $8.36 per share, compared to $28.12 million or $0.31 per share, prior year. The company noted that its net income for the quarter includes an income tax benefit of $824.2 million that reflected the company's $825.2 million deferred tax asset valuation allowance reversal. Total pretax income was $28.60 million, compared to $28.32 million, prior year.

Revenue increased to $796.04 million from $618.53 million, last year. The company said its revenue growth was driven by growth in its housing revenues as a result of a greater volume of homes delivered and higher average selling prices. Analysts polled by Thomson Reuters expected revenue of $778.46 million for the quarter.

The company delivered 2,229 homes in the fourth quarter, an increase of 9% from 2,038 homes delivered in the year-earlier quarter. Total net order value in the fourth quarter rose 22% to $587.4 million, up from $481.7 million in the year-earlier quarter.