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.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
TTAPF TTW Public Co Ltd 0.41 0.00 0.00 0

Comments

Emerging Growth

Margaux Resources Ltd.

Margaux Resources Ltd is a Calgary based resource company. The Company is focused on its Jersey Emeral Tungsten-Zinc property located in the southeast portion of British Columbia.

Private Markets

iPRO Network, LLC

We provide the platform, tools, and resources to empower individuals and professionals to market desirable goods and services to the public, taking the place of traditional methods of commerce.

The Green Organic Dutchman

The Green Organic Dutchman Ltd. ("TGOD") produces farm grown, organic cannabis for medical use. The company grows its high quality organic cannabis in small batches using craft growing, all natural…