KB Home KBH shares fell in Wednesday's after-hours session after the homebuilder reported a third-quarter sales miss.
Earnings came in at 73 cents per share, beating Street estimates by 7 cents. Sales came in at $1.161 billion, missing estimates by $9 million.
"We are extremely pleased with the strength of our third quarter results, led by a 24% rise in net orders, with double-digit increases in each of our four regions. Our net order growth was driven by both significant community count expansion and a higher absorption rate, a key operational metric where we have long been an industry leader," Jeffrey Mezger, KB's chairman, president and chief executive officer, said in a statement.
"Notably, during the quarter, we achieved a community absorption pace of 4.3 net orders per month, surpassing last year's robust performance, while at the same time increasing prices in about 90% of our communities."
KB Home shares were trading down 1.9% to $31.75 in Wednesday's after-hours session.
Q3 Highlights
- Net orders up 24% year-over-year
- Backlog units up 14%
- Homes delivered increased to 3,022
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Photo courtesy of KB Home.
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