KB Home Q3 Profit Rises

(RTTNews) - KB Home (KBH) reported third-quarter net income of $255.3 million or $2.86 per share, up from $150.1 million or $1.60 per share last year.

Total revenues rose $1.84 billion from $1.47 billion last year.

Analysts polled by Thomson Reuters expected earnings of $2.67 per share and revenues of $1.87 billion for the quarter.

"KB Home achieved record third quarter financial results, with substantial year-over-year growth in revenues, margins and diluted earnings per share," said Jeffrey Mezger, Chairman, President and Chief Executive Officer. "Although we experienced a shortfall in deliveries relative to our expectation due to extended build times and ongoing supply chain constraints, which will also impact our 2022 fourth quarter, our results demonstrate our larger scale, excellent portfolio of communities and a healthy balance sheet."