KB Home (NYSE:KBH) earnings for the company’s fiscal third quarter of 2019 has KBH stock down in after-hours trading. The issue hitting KBH stock today is its revenue of $1.16 billion for the period. This misses Wall Street’s estimate of $1.17 billion. Per-share earnings for the quarter come in at 73 cents, which does beat out analysts’ estimate of 66 cents.
Now to look at some other highlights from the KB Home earnings report.
- The company saw its revenue drop 5.70% from the same time last year.
- Earnings per share reported in the most recent quarter was down by 24% YoY.
- Operating income of $85.48 million for the quarter was down roughly 19% from $105.61 million in its fiscal third quarter of 2018.
- The KB Home earnings report also sees its net income drop 22% to $68.14 from $87.48 million during the same period of the year prior.
Jeffrey Mezger, President, Chairman and CEO of KBH, has this to say about KB Home earnings expectations for the future.
“With year-over-year growth in both revenues and gross profit margin anticipated for our fourth quarter, we are on track for a strong finish to 2019, the third year of our Returns-Focused Growth Plan. As a result of the successful execution of this Plan, we have meaningfully increased our scale and profitability, and generated substantial operating cash flow that we have used to reinvest in our business and reduce our debt, two core components of our Plan.”
KBH stock was down 1.5% after hours, but is up 58.70% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.