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KB Homes reported better than expected Q3 earnings after the market Tuesday with soaring revenue from its core line despite the U.S. housing recovery stalling. $KBH is benefitting from higher selling prices and increased consumer confidence. The stock rose 5% after the release.

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KB Home NYSE: KBH Beat Earnings After Close Tuesday

 $0.87 Beat $0.78 EPS AND $1.23 billion Missed $1.27 billion forecast in revenue. 

Earnings 

KB Homes earned net income for the quarter of  $87.5 million, with  earnings jumping 71% to $0.87 per share. Revenue rose 7% to $1.23 billion buoyed by healthy demand in its served markets and effective execution on its distinctive customer-centric operating model.

KB Home NYSE: KBH

Market Reaction After hours 26.82 +1.53 (6.05%)

KBH Earnings Q3 18

Highlights and Outlook

  • KBH delivered a total of 2,988 homes during the quarter, up 8% compared to last year.
  • The average selling price of a single residential unit declined slightly to $408,200.
  • Net orders for the third quarter increased 3% to 2,685
  • Net order value fell 5% to $1.02 billion.
  • The number of homes in ending backlog increased slightly to 5,484 while ending backlog value decreased 4% to $2.04 billion.
  • The decrease in backlog value was mainly due to a shift in geographic mix from its West Coast region.

Source: KB Homes, Alpha Street

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