LOS ANGELES – Custom home builder KB Home on Wednesday reported better-than-expected first quarter earnings on increased revenue from homebuilding.
The Los Angeles-based company said it had net income of $13.1 million, or 14 cents per share. Strength in its core homebuilding business helped push revenues up 17 percent to $678.4 million for the quarter.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 11 cents per share.
Company shares jumped 84 cents, or 6.4 percent, to $13.94 in after-hours trading.
Through the close of regular-session trading Wednesday, KB Home's shares are up 6 percent since the beginning of the year and have shed 13 percent in the last 12 months.
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This story contains elements generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KBH at http://www.zacks.com/ap/KBH
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Keywords: KB Home, Earnings Report
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