Industry News

KB Home posts record revenue

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Homebuilder KB Home this week announced record financial results for the third quarter, with total revenues reaching $1.75 billion, up 21 percent from third-quarter 2003 results. Housing revenues increased 24 percent from third quarter 2003 to third quarter 2004, to $1.72 billion, the company also announced. The average selling price rose 5 percent in that time, to $214,400, and housing unit deliveries were up 17 percent to 8,041 units. Some other KB Home third-quarter statistics: Net income for the third quarter of 2004 totaled $117.9 million, a 20 percent increase from $97.8 million in third quarter 2003. The company's diluted earnings per share increased to $2.84 for the three months ended Aug. 31, 2004, up 22 percent from $2.33 for the three months ended Aug. 31, 2003. Companywide net orders for the third quarter increased 23 percent to 8,982, up from 7,319 net orders reported for the same quarter of 2003. Year-over-year net order growth was driven by higher net orders from e...