KB Home shares rise after beating 1Q profit forecasts
{{#rendered}} {{/rendered}}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.
{{#rendered}} {{/rendered}}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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{{#rendered}} {{/rendered}}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