KB Home reports strong third quarter
KB Home reported third-quarter revenues increased 16% to $424.5 million, compared with $367.3 million in the third quarter of 2011. The company cited growth in the number of homes delivered and a higher average selling price for the increase.
Net income for the quarter ended Aug. 31 totaled $3.3 million, up $12.9 million from a net loss of $9.6 million in the year-earlier quarter.
The company's home-0building operating income increased to $10.9 million in the current quarter, up from $1.4 million in the year-earlier quarter.
The home builder delivered 1,720 homes, up 7% from the year-earlier quarter, with three of its four home-building regions posting year-over-year increases. The overall average selling price of $245,100 rose by $17,700, or 8%, from $227,400 for the year-earlier quarter.
For the nine months ended Aug. 31, revenues totaled $981.9 million, up 17% from $836.0 million for the year-earlier period. The company's net loss of $66.7 million improved from the net loss of $192.7 million for the nine months ended Aug. 31, 2011.
Homes delivered increased 9% to 4,160, up from 3,817 in the year-earlier period.
The overall average selling price of $234,100 was up 8% from $217,400 for the corresponding period of 2011.