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Last Update: 21-Sep-12 09:16 ET
KB Home shares rise 2% following beat on earnings
KB Home (KBH $13.46 +0.35) reported third quarter GAAP earnings of $0.04 per share, $0.20 better than the Capital IQ consensus of ($0.16), while revenues rose 15.6% year/year to $424.5 million versus the $423.94 mln consensus. The company delivered 1,720 homes, up 7% from the year-earlier quarter, with three of the co's four homebuilding 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, marking the ninth consecutive quarter of year-over-year increases, and was up by $12,100, or 5% from $233,000 in the second quarter of 2012. Compared to the year-earlier quarter, average selling prices increased 14% in the co's West Coast region, 13% in its Southwest region and 6% in its Southeast region. Potential future housing revenues in backlog at August 31, 2012 rose substantially to $744.7 mln, up 33% from $559.3 mln at August 31, 2011, with three of the co's four homebuilding regions posting year-over-year increases. The potential future housing revenues in backlog reached the highest third quarter-end level since 2008. Net orders increased to 1,900 in the third quarter of 2012, up 3% from the strong net orders of 1,838 in the year-earlier quarter, which had increased 40% from the third quarter of 2010.
