KB Home (NYSE:KBH) unveiled its latest quarterly earnings figures late on Tuesday, which lifted KBH stock as the company amassed net income that was higher than what Wall Street projected in its consensus estimate, while revenue was below the mark.
The Los Angeles, Calif.-based homebuilding company said that for its first quarter of fiscal 2019, it brought in net income of $30 million, or 31 cents per share. The figure was a considerable improvement over its quarterly results from the same period in its fiscal 2018, when it tallied up a loss.
KB Home’s earnings were stronger than what Wall Street called for as the average guidance of six analysts polled by Zacks Investment Research was for a profit of 27 cents a share. On the revenue front, the company amassed sales of $811.5 million, which was weaker than what Wall Street projected as five analysts surveyed by Zacks predicted an average guidance of $829.3 million.
The business added that the cancellation rate as a percentage of gross orders came in flat at 20%. Additionally, the number of homes in ending backlog came in at 4,631, compared to 4,972. Ending backlog value of $1.66 billion was down about 16%.
KBH stock is up about 2.6% on Tuesday after the bell following its strong quarterly performance to kick off the year. Shares had been gaining roughly 0.9% as KB Home prepared its remarks and figures for the period.