KB Home (NYSE:KBH) shares are trading higher in extended trading Wednesday after the homebuilder reported financial results that topped analyst expectations and provided an upbeat outlook. 

What Happened: KB Home reported fiscal first-quarter revenue of $1.38 billion, which beat consensus estimates of $1.31 billion, per Benzinga Pro. The company's top-line results were "essentially the same" year-over-year. 

KB Home reported quarterly earnings per share of $1.45, which beat average estimates of $1.14. 

Homes delivered decreased 3% year-over-year to 2,788, while average selling prices increased 2% to $494,500. KB Home ended the quarter with a backlog of 7,016 units worth $3.31 billion, down from a backlog of 11,886 units worth $5.71 billion on a year-over-year basis.

Net orders fell 49% year-over-year to 2,142. Gross orders were down 29% year-over-year, but increased 55% sequentially. 

KB Home announced a new $500 million buyback. The company sees full-year 2023 revenues between $5.2 billion and $5.9 billion versus estimates of $5.31 billion. KB Home also plans to provide second-quarter guidance on its conference call, which kicks off at 5 p.m. ET.

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KBH Price Action: KB Home shares are up 2.67% at $37.85 at the time of writing, according to Benzinga Pro.

Photo: Paul Brennan from Pixabay.