AddThis

KB Home revenues up 34% for the year

KB Home has released its earnings report for the fourth quarter and fiscal year ended Nov. 30, with total revenues for the year up 34% and net income up significantly since last year's loss.

Revenues for the fiscal year came in at $2.10 billion, compared to $1.56 billion in 2012. This is due in part to a 14% increase in homes delivered and an increase in the average selling price, which rose 18% to $291,700.

Meanwhile, 2013's net income of $40.0 million was a marked improvement from 2012's net loss of $59.0 million. This is the first year since 2006 that KB Home has generated positive full-year net income.

“Our fourth quarter results provided a solid finish to 2013 with both revenues and profits up from the prior year,” said Jeffrey Mezger, president and CEO. “We also posted full-year net income for the first time in several years...The catalyst for this progress has been an ongoing strategic shifting of our operations to higher-performing markets across the country. The favorable impact of this approach was most evident in California, where our average selling price for the quarter increased 29% from a year ago to $524,200. Our results for the fourth quarter and full year reinforce our belief that we have the right strategies in place to create long-term value for our stockholders as the housing recovery progresses.”

For the three months ended Nov. 30, revenues were up 7% to $618.5 million year-over-year, which was riding on double-digit increases in the Southwest, Central and Southeast markets (offset by a decrease on the West Coast). Net income for the quarter was up even more significantly ($28.1 million, up from $7.7 million in the fourth quarter of 2012).

Net income increased to $28.1 million, or $.31 per diluted share, compared to $7.7 million, or $.10 per diluted share, in the fourth quarter of 2012.


Want to read more?
This content is available only to registered users. Log in to read the rest of this article or create a free account.