KB Home misses 4Q net income expectations, tops revenue forecasts

Markets Associated Press

LOS ANGELES (AP) — KB Home (KBH) on Tuesday reported fiscal fourth-quarter profit had a dramatic rise to $852.8 million.

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On a per-share basis, the Los Angeles-based company said it had profit of $8.36. Earnings, adjusted for pretax gains, were 27 cents per share.

The results fell short of Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 52 cents per share.

The homebuilder posted revenue of $796 million in the period, exceeding Street forecasts. Analysts expected $778.9 million, according to Zacks.

For the year, the company said profit climbed to $918.3 million, or $9.25 per share. Revenue climbed 14 percent to $2.4 billion.

KB Home shares have climbed slightly since the beginning of the year. The stock has fallen almost 10 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. KBH stock research report from Zacks.

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Keywords:KB Home,Earnings Report