Why KB Home Stock Was Stacking Higher Today

1 min read

Shares of KB Home (NYSE: KBH) were climbing today after the company reported better-than-expected results in its fourth-quarter earnings report last night. As a result, the stock was up 4.5% as of 11:34 a.m. EST after gaining as much as 10.6% earlier in the session.

KB Home, one of the nation’s largest homebuilders, reported revenue down sharply, due to constraints from the coronavirus pandemic, but strong growth in demand and its order backlog. Revenue in the quarter fell 23% to $1.19 billion, a reflection of a dip in orders and supply chain challenges during the early months of the pandemic, but that still topped expectations at $1.14 billion. Homes delivered in the period fell 26.8% to 2,876, but the average selling price rose 5% to $413,700. 

Image source: Getty Images.

Continue reading

Leave a Reply

Your email address will not be published.

Previous Story

Why Centennial Resource Development, Range Resources, Southwest Energy, and Antero Resources Rallied Today

Next Story

Where Will Tanger Outlets Be in 1 Year?

Latest from Blog