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Shares of
KB Home Inc. surged more than 6% in pre-market trading after the company reported upbeat results for its fiscal first quarter.
The Los Angeles, California-based company posted quarterly net income of $7.8 million, or $0.08 per share, compared to $10.6 million, or $0.12 per share, in the year-ago period.
Its revenue climbed 29% to $580.1 million from $450.7 million. However, analysts were expecting earnings of $0.02 per share on revenue of $474.90 million.
Housing revenue rose 19% to $524.8 million from $440.1 million, while land sale revenue climbed to $53.0 million from $8.1 million.
Homebuilding operating income slipped to $14.4 million, versus $17.7 million. Financial services operations posted pretax income of $1.7 million in the first quarter, versus $1.6 million in the year-ago period.
Net order value increased 25% to $753.2 million from $600.2 million, while net orders rose 24% y/y to 2,189 in the latest quarter.
At February 28, 2015, the company had $573.6 million in cash, cash equivalents and restricted cash, versus $383.6 million at November 30, 2014.
"We are pleased with the robust growth in our first quarter net orders, net order value and backlog levels, which was fueled primarily by our expanded community count and healthy buyer demand," said Jeffrey Mezger, president and chief executive officer.
Mezger added, "As we anticipated, our housing gross profit margin was tempered in the quarter; however, with our rising community count providing a strong start entering the spring selling season and the leverage benefits we are anticipating from projected higher revenues, we expect to produce sequential margin improvement in each of the remaining quarters of 2015, and to significantly narrow the year-over-year gap in our gross margin percentage by the end of the year."
KB Home shares climbed 6.32% to $14.97 in pre-market trading.
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