Homebuilder KB Home (KBH: 6.93 -4.02%) ended the fourth quarter on a muted high note with the firm still profitable, despite a decline in earnings, and a 38% year-over-year jump in net home orders.
The fiscal year for the homebuilder ends Nov. 30.
The Los Angeles-based builder posted a fourth-quarter profit of $13.9 million, or 18 cents per share. That is down from a profit of $17.4 million, or 23 cents per share, a year earlier. Still, the builder beat the street estimate of earnings in the three cent-per-share range, according to Yahoo! Finance.
Meanwhile, home building revenue in the fourth quarter shot up 6% from $451 million in the fourth quarter of last year to $479.9 million in the most recent period. Revenue also grew during the period due to a 4% increase in the number of homes delivered and a 3% uptick in the average home selling price.
Net orders for the period grew from 1,085 last year to 1,494 in 4Q. By Nov. 30, the company had 2,156 homes in backlog, compared to 1,336 in 2010.
The average selling price in the fourth quarter hit $232,400, compared to $232,500 a year earlier.
Positive developments on the revenue side were offset by a $19.9 million, or 36%, increase in fourth quarter selling, general and administrative expenses.
The company spent $55.7 million in the year-earlier quarter on expenses, and that number shot up to $75.6 million in 4Q of 2011.
The author of this article is: Kerri Panchuk
See the original post at: http://www.housingwire.com/2011/12/21/kb-home-posts-lower-profit-sees-38-jump-in-net-orders
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