Industry News

KB Home annual earnings rise to $481 million

Home builder reports record revenue of $7 billion for 2004

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KB Home, one of the largest home builders in the United States and France, reported record annual revenues of $7.05 billion in 2004, up 21 percent from $5.85 billion in 2003. The growth was driven by a 16 percent increase in unit deliveries to 31,646 this year, up from 27,331 in 2003. The builder reported annual net income of $480.9 million, up 30 percent from $370.8 million in 2003. Earnings per share rose 30 percent to $11.40 in 2004, from $8.80 last year. During the fourth quarter, KB Home delivered 10,285 homes, representing a 16 percent increase from the 8,874 homes delivered in the same period last year. Revenues in the fourth quarter reached $2.38 billion, up 27 percent from $1.87 billion in the fourth quarter of 2003, driven by unit delivery growth and an 11 percent increase in the company's average selling price. Net income in the fourth quarter rose 35 percent to $186.7 million from $138.7 million during the fourth quarter 2003. The increase was largely due to higher uni...