KB Home Gains On Q4 Revenue Growth, But Shares Turn Negative

KB Home KBH gained Tuesday after the company posted fourth-quarter revenue growth of 29 percent, quickly sold off into the red.

The homebuilder's shares changed hands recently at $16.15, down more than 2 percent.

Net income for the quarter totaled $852.8 million, or $8.36 per diluted share, up from $21.1 million, or $0.31 a share.

Results for the recent period included a tax benefit of $824.2 million. KB didn't provide adjusted earnings, although Wall Street expected earnings of $0.56 a share, excluding one-time items.

Revenue grew to $796.0 million from $618.5 million

The company's average selling price of homes in the fourth quarter rose 17 percent to $351,500, up from $301,100 for the same period of 2013.

The increase stemmed from a shift in the regional mix of homes delivered and higher home selling prices in northern California markets.

Fourth quarter net orders increased 10 percent to 1,706 from a year-earlier, while backlog at November 30, was up 14 percent from a year earlier to 2,909 homes.