KB Home Reports Mixed Q2, Says Housing Demand Resilient

KB Home KBH reported quarterly earnings of 55 cents per share on Wednesday, beating the analyst consensus estimate of 50 cents by a nickel.

This is a 7.84% increase over earnings of 51 cents per share from the same period last year.

The company reported quarterly sales of $914 million, missing the analyst consensus estimate of $1.07 billion by 14.58%. This is a 10.57% decrease over sales of $1.02 billion the same period last year.

"The prolonged stay-at-home public health orders, resulting economic shutdown and our conservative approach to navigating the uncertain environment significantly impacted our orders during the quarter,” CEO Jeffrey Mezger said in a statement. 

“Following a low point in April, we are very encouraged by the resilience of housing market demand. This improvement has accelerated dramatically in the first three weeks of June during which time we have achieved a modestly positive year-over-year comparison, as orders have returned to more normalized levels."

KB Home shares were down 5.04% at $31.65 in Wednesday's after-hours session. The stock has a 52-week high of $40.51 and a 52-week low of $9.82 per share.

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