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Jeffrey Mezger

KB Home 3Q Profit Soars on Strong Revenue Growth

KB Home (NYSE:KBH) said Tuesday its third-quarter profit soared more than 700% amid double-digit revenue growth and higher selling prices.The home builder logged a $27.3 million profit, or 30 cents a share, versus a year-ago profit of $3.26 million, or four cents a share. Revenue jumped 29% to $548.9 million.Analysts were looking for per-share earnings of just 21 cents but revenue of $567 million.Each of the company's homebuilding regions saw revenue grow at least 25% year-over-year, while homebuilding operating income more than tripled to $36 million.Home deliveries checked in at 1,825 homes, a 6.1% increase, while net orders fell 8.6% to 1,736 units.Interest expense fell 51% to $11.3 million. Housing gross margin ticked higher to 18.2% from 16.7%.KB Home's results serve as another sign of a continued housing recovery, with rival Lennar (NYSE:LEN) also reporting a strong third quarter . The home builders have defied an uptick in mortgage rates, something KB Home Chief Executive Jeffre...

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