Industry News

KB Home revenue up 22% in second quarter

Slowing market forces builder to lower earnings expectations

Home builder KB Home has reported $2.59 billion total revenues in the second quarter, up 22 percent from second-quarter 2005. The company also lowered its full-year earnings forecast to $10 per diluted share, which would be a 5 percent increase over 2005 earnings. The company reported a 6 percent growth in unit delivery volume and a 15 percent increase in the average selling price. Second-quarter net income grew 14 percent from the second-quarter of 2005 to $206.6 million. Diluted earnings per share for the three months ended May 31, 2006, increased 19 percent from the year-earlier period to $2.46. For the six months ended May 31, 2006, total revenues increased 27 percent to $4.78 billion, up from $3.77 billion for the six months ended May 31, 2005. Unit deliveries in the period rose 10 percent to 16,937, up from 15,382 homes delivered in the first half of 2005. Net income for the first half of 2006 increased 25 percent to $381 million, up from $304.3 million in the year-earlier peri...