EmailStory Stocks®
Archive
Last Update: 21-Dec-11 10:55 ET
KB Home Down Sharply Following Fourth Quarter Financial Results
KB Home (KBH $7.34 -0.40) is trading lower this morning following its fourth quarter financial results, which were released a few hours ago.
Earlier, the company reported fourth quarter earnings of $0.18 per share, $0.15 better than the Capital IQ Consensus Estimate of $0.03.
Revenues rose 6.4% year/year to $479.9 million versus the $470.46 million consensus.
The Company's projected future housing revenues in backlog increased 74% to approximately $459.0 million at November 30, 2011 from approximately $263.8 million at November 30, 2010. "In the fourth quarter, we reported net profits, continued to increase our net orders, and built our backlog to the highest year-end level since 2008... We believe these results demonstrate our success in adapting to current market realities and positioning our business for the future.
We are pleased that amid weak and turbulent market conditions throughout 2011, we have posted improvements in our deliveries, revenues and selling, general and administrative expense ratio for three consecutive quarters, and generated operating income for two consecutive quarters. With our fourth quarter net orders up 38% from a year ago, and our year-end homes in backlog up 61%, we believe we are moving into 2012 well-positioned to achieve further improvement in our financial metrics."
Earlier, the company reported fourth quarter earnings of $0.18 per share, $0.15 better than the Capital IQ Consensus Estimate of $0.03.
Revenues rose 6.4% year/year to $479.9 million versus the $470.46 million consensus.
The Company's projected future housing revenues in backlog increased 74% to approximately $459.0 million at November 30, 2011 from approximately $263.8 million at November 30, 2010. "In the fourth quarter, we reported net profits, continued to increase our net orders, and built our backlog to the highest year-end level since 2008... We believe these results demonstrate our success in adapting to current market realities and positioning our business for the future.
We are pleased that amid weak and turbulent market conditions throughout 2011, we have posted improvements in our deliveries, revenues and selling, general and administrative expense ratio for three consecutive quarters, and generated operating income for two consecutive quarters. With our fourth quarter net orders up 38% from a year ago, and our year-end homes in backlog up 61%, we believe we are moving into 2012 well-positioned to achieve further improvement in our financial metrics."
