KB Home Turns To Profit In Q1; Results Top Estimates - Quick Facts

(RTTNews) - Home builder KB Home (KBH) reported that its first-quarter net income was $10.6 million or $0.12 per share, compared to a net loss of $12.5 million, or $0.16 per share, in the first quarter of 2013, mainly due to the Company's higher revenues, expanded housing gross profit margin, and improved selling, general and administrative expense ratio. Analysts polled by Thomson Reuters expected the company to report earnings of $0.08 per share for the quarter. Analysts' estimates typically exclude special items.

The recent quarter also included a gain of $3.2 million on the sale of the Company's interest in an unconsolidated joint venture in Maryland.

Total revenues grew 11% to $450.7 million from $405.2 million in the year-earlier quarter, primarily on higher housing revenues. Thirteen analysts estimated revenues of $435.30 million for the quarter.

The company delivered 1,442 homes in the latest-quarter, compared to 1,485 homes delivered in the first quarter of 2013, as a decrease in the company's West Coast homebuilding region was mostly offset by increases in its other three homebuilding regions.

"We are entering the spring selling season positioned with more communities open in attractive locations across the country, and we are confident that our balanced approach to sales price and pace, combined with our focus on both top-line growth and profitability, will produce strong results in the coming quarters,"said Jeffrey Mezger, president and chief executive officer.