KB Home’s Net Income Up

Los Angeles, CA, Dec. 19--Net income at KB Home rose 12 percent in its fiscal fourth quarter as the home builder handily beat Wall Street analysts on an 11 percent jump in revenue. For the quarter ended Nov. 30, Los Angeles-based KB Home late Thursday reported net income of $138.7 million, or $3.31 a share, compared with $123.7 million, or $2.92 a share, a year earlier. The mean estimate of analysts surveyed by Thomson First Call was for earnings of $3.08 a share. Revenue rose to $1.87 billion from $1.68 billion a year earlier. Unit deliveries rose 12 percent to 8,874. The company also generated 6,629 net orders, up 14 percent. Backlog at Nov. 30 increased 31 percent to $3.07 billion. For the fiscal full year, KB Home reported net income of $370.8 million, or $8.80 a share, compared with $314.4 million, or $7.15 a share, a year earlier. Revenue increased 16 percent to $5.85 billion from $5.03 billion in fiscal 2002. "The outstanding financial performance achieved in the fourth quarter propelled KB Home to our seventh consecutive year of solid earnings," Bruce Karatz, chairman and chief executive, said in a statement.