KB Home (NYSE:KBH) reported third-quarter financial results after the market close on Tuesday. Here’s a look at the key metrics from the quarter.

Q3 Earnings: KB Home reported third-quarter revenue of $1.75 billion, beating analyst estimates of $1.728 billion. The U.S. homebuilder reported third-quarter earnings of $2.04 per share, beating analyst estimates of $2.02 per share.

KB Home has topped analyst estimates for revenue and earnings in seven consecutive quarters, according to Benzinga Pro.

Total revenue was up 10% year-over-year, while earnings grew 13%. KB Home delivered 3,631 homes in the quarter, up 8% year-over-year. Average selling price was $480,900, up 3%, but net orders were flat year-over-year and inventories jumped 10% to $5.65 billion.

“We experienced variability in demand across the quarter, with softening in late June through July, as buyers continued to evaluate elevated mortgage interest rates, and general economic concerns were rising. As rates moderated in August, our net orders improved,” said Jeffrey Mezger, chairman and CEO of KB Home.

“We are encouraged by this strengthening in demand for our affordably priced personalized homes, and the ongoing positive trend we are experiencing so far in our 2024 fourth quarter.”

KB Home noted it repurchased $150 million worth of its common stock during the quarter. The company had $800 million remaining under its buyback program as of Aug. 31.

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Outlook: KB Home expects full-year 2024 housing revenues in the range of $6.85 billion to $6.95 billion. Average selling prices for the full year are expected to be approximately $490,000.

Management will hold a conference call to discuss these results at 5 p.m. ET. The company noted that it will provide guidance for the fourth quarter on the call.

KBH Price Action: KB Home shares were up nearly 40% year-to-date heading into the print. The homebuilder stock was down 6.10% in after-hours trading at $82.10 at the time of publication Tueday, according to Benzinga Pro.

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