KB Home rises after turning a profit in 2Q

Associated Press |

NEW YORK (AP) — Shares of KB Home rose Friday after the homebuilder posted solid second-quarter results as prices improved.

The company which is operating in markets where land is difficult to secure saw sales prices rise 10 percent. Its backlog of orders also improved.

The company's stock advanced 43 cents, or 2.4 percent, to $18.31 in afternoon trading.

KB Home reported net income of $26.6 million, or 27 cents per share, for the three months that ended May 31. The Los Angeles company took a loss of $3 million, or 4 cents per share, one year earlier. Revenue rose 8 percent, to $565 million from $524.4 million.

FactSet says analysts expected net income of 21 cents per share and $557.2 million in revenue.

KB Home delivered 1,797 homes, down 3 percent from a year ago. Average selling prices rose to $319,700.

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