UPDATE: KB Home Q4 Net Profit Drops 44%

KB Home

posted a 44% drop in its fiscal fourth-quarter net income. KB Home's quarterly earnings declined to $7.7 million, or $0.10 per share, from $13.9 million, or $0.18 per share, in the year-ago quarter. Its revenue rose to $578.2 million from $479.9 million. However, analysts were expecting a profit of $0.06 per share on revenue of $562.9 million. KB Home shares closed at $16.66 yesterday.