KB Home (NYSE:KBH) unveiled its latest quarterly earnings figures late on Wednesday, amassing largely positive results that saw the company post a three-month income and revenue that surpassed what analysts predicted in their consensus estimate, lifting KBH stock more than 4% after hours.
The homebuilding business — which has its headquarters in Los Angeles, Calif. — announced that for its second quarter of its fiscal 2019, it brought in net income of $47.5 million, which tallied up to roughly 51 cents per share. This marks a 17.1% decline when compared to its profit from the same period a year ago, when it amassed a profit of $57.3 million, or 57 cents per share.
However, KB Home’s second-quarter profit was stronger than the Wall Street consensus estimate, which called for the business to bring in earnings of 39 cents per share, according to data compiled by FactSet. The company added that it brought in sales of $1.02 billion for the period, which marked a 7.3% decline when stacked up against its year-ago sales of $1.10 billion.
Once again, this figure impressed as it was better than the $943 million that the Wall Street outlook called for, according to data compiled by FactSet. “With net order value up 13% year over year to $1.5 billion, driven by double-digit order growth in each of our four regions, and continued year-over-year community count growth anticipated for our third and fourth quarters, we are confident we can produce further improvement in our results in the second half of this year,” KB Home said in a statement.
KBH stock is soaring about 4.6% after the bell on Wednesday following the company’s better-than-expected quarterly earnings results as its profit and sales decline were less relevant than these metrics topping Wall Street’s guidance. Shares had been sliding about 1.2% during regular trading hours as the business geared up to report its quarterly figures for the period.