Posted on | September 21, 2012 |
KB Home has reported a third-quarter profit of $3.3 million, or 4-cents a share, for the quarter ending Aug. 31, news representing a turn-about from a net loss of $9.6 million or 13-cents a share from the year before.
The homebuilder delivered 1,720 homes during the period, with an average selling price of $245,100. In the sales department, that represents a 7 percent increase from the third-quarter of 2011; and an average home selling price bump-up of 8 percent.
Total revenue rose from $367.3 million in 3Q of 2011 up to $424.5 million.
KB Home has also reported that the West Coast is showing signs of strength. Net orders are up for the nine months, as is the backlog on homes and home values.
The West Coast delivered 1,180 homes, up from 1,101 over the same time frame in 2011. The company reported 23 more net orders over the same period, and the sales price has risen from $321,800 up to $377,200.
?It is clear that the recovery in housing is gaining momentum across the country, as inventory levels are declining and home prices are on the rise,? Jeffrey Mezger, president and chief executive officer, said in a statement released this morning.
?In particular, we are seeing dramatic improvement in California,? he said. ?Continued strengthening in the coastal markets is now spreading inland to Sacramento, the Central Valley and the Inland Empire, he said.
The earnings call starts at 8:30 a.m. today.
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