KB Home Misses Street 3Q Forecasts

KB Home (NYSE:KBH) on Wednesday reported profit of $28.4 million in its fiscal third quarter.

On a per-share basis, the Los Angeles-based company said it had profit of 28 cents.

The results missed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.

The homebuilder posted revenue of $589.2 million in the period, which also missed Street forecasts. Analysts expected $640.1 million, according to Zacks.

KB Home shares have dropped 7 percent since the beginning of the year. The stock has declined slightly in the last 12 months.