For the first quarter ended Feb. 28, the Los Angeles homebuilder earned $1.02 a share compared with 63 cents a share in the year-earlier quarter.
Revenue reached $1.14 billion from $1.08 billion.
A survey of analysts by FactSet produced consensus estimates of earnings of 92 cents a share on $1.21 billion of revenue.
At last check, KB Home shares were trading off 3.1% at $42.05. They closed the regular Wednesday trading session little changed at $44.39.
The stock has been trading around its 52-week high above $47, set one week ago. It has tripled since early last April.
Gross-profit margin in the quarter widened 3.4 percentage points to 20.8%.
KB delivered 2,864 homes, up 4% from a year earlier and the most in a Q1 since 2008. The homes sold for an average $397,100, up 2%.
The stronger profitability reflected KB’s effective management of the pace of orders, pricing and home starts, Jeffrey Mezger, chairman, president and chief executive, said in a statement.
“Healthy housing market conditions” helped boost net orders in the quarter 23% from a year earlier to nearly 4,300 homes, he said.
And the strength in orders, in turn, reflects “favorable demographics.”
“Millennials, the largest adult population in the U.S., are now in their prime homebuying years and continue to represent our largest cohort of buyers,” the executive said.
KB has a “competitive advantage in serving first-time buyers and … building homes in desirable locations at affordable price points,” Mezger said.
Most recently KB Home opened new communities in Santa Clara, Upland And Stanton, Calif., in west and northwest Las Vegas, and in Tucson.
In mid-March the company said that in an expansion, it had acquired more than 400 home sites in the Charlotte area and would be opening three new communities there early next year.
The company named Bill Kiselick, who it said has worked 35 years in home building, including 25 years in the Charlotte market, to run its operations there.