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KB Home (KBH) Posts Lower Q4 Profit, While Sales Jump

 December 20, 2012 07:08 AM
 


(By Balachander) KB Home (NYSE: KBH) reported a lower profit for the fourth quarter, though the homebuilder's revenue grew in double digits, spurred by a rise in the number of homes delivered and a higher average selling price.

CEO Jeffrey Mezger said the company is "well positioned" to be profitable for 2013.

KBH earned $7.72 million or $0.10 per share for the three-month period, down from $13.91 million or $0.18 per share in the year-ago quarter. Wall Street analysts, on average, expected the company to earn 7 cents for the quarter ended November.

Results for the year-ago quarter included gains on financial services and loan guaranty.

[Related -KB Home (KBH) Earnings Preview: Rising Rates Falling Stock]

Revenue rose 20 percent to $578 million, while consensus projected a growth of 18.20 percent.

Housing gross margin, excluding charges, improved to 15.2 percent from 15.1 percent.

The company delivered 2,122 homes, up 6 percent from the year-ago period.

Net orders increased 4 percent to 1,557 and cancellation rate as a percentage of gross orders was 35 percent.

As of Nov. 30, KBH had a backlog of 2,577 homes, representing potential future housing revenue of $619 million, the company said.

The stock, which has been trading between $6.17 and $17.30 over the past year, ended Wednesday's regular trading session at $16.66.

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