KB Homes Slips in Late Trading On Light Revenue

KB Homes topped analyst earnings estimates but saw revenue come in shy of expectations in the fourth quarter.
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KB Home (KBH) - Get Report posted better-than-expected earnings, but lower-than-expected revenue for its fiscal fourth quarter Thursday.

The home-building company reported net income of $123.2 million, or $1.31 per diluted share, on revenue of $1.56 billion.

Analysts surveyed by FactSet had projected adjusted net income of $120.3 million, or $1.28 a share, on sales of $1.6 billion.

In the same period a year ago, the company posted earnings of 96 cents a share on sales of $1.3 billion. It reported net income of $97 million.

Shares fell 95 cents, or 2.6%, to $36.11 in after-hours trading.

Quarterly estimates had fallen 3.6 cents a share in the past month.

In the upcoming quarter analysts are forecasting adjusted net income of $39.9 million, or 42 cents a share, on sales of $966.5 million.

KB Home is currently trading at a price-to-forward-earnings ratio of 11.9 based on the 12-month estimates of 17 analysts surveyed by FactSet.

On Wednesday, fellow home-building company Lennar (LEN) - Get Report posted better-than-expected results on growth in deliveries and new orders.

Over on Real Money, read Jim Cramer's insights: Superb Homebuilder Lennar Keeps on the Straight and Narrow.