KBHome (NYSE:KBH) earnings for the home building company’s fiscal second quarter of 2020 have KBH stock dipping lower after hours Wednesday. This is despite it reporting diluted earnings per share of 55 cents. which is better than Wall Street’s estimate of 49 cents. Unfortunately, its revenue of $913.97 million is below analysts’ estimates of $1.07 billion.
Let’s take a closer look at the most recent KBHome earnings report below.
- Diluted per-share earnings are up 7.8% from 51 cents during the same time last year.
- Revenue for the quarter comes in 10.4% lower than the $1.02 billion reported in fiscal Q2 2019.
- Operating income of $51.59 is 1% lower year-over-year from $52.1 million.
- The KBHome earnings report also has it bringing in a net income of $51.99 million.
- That’s a 9.6% increase compared to the company’s net income of $47.46 million from the same period of the year prior.
Jerey Mezger, chairman, president and CEO of KBHome, said this about the earnings.
“We temporarily closed our communities in mid-March, then shifted where permitted to a restricted, appointment-only basis in April, and nally, opened more broadly to the public beginning in mid-May, following appropriate safety protocols. Though these measures signicantly disrupted our business, we generated solid nancial results in the second quarter, with yearover-year growth across several key metrics.”
KBHome doesn’t provide fine details for its 2020 outlook. That’s due to the novel coronavirus causing uncertainties in the economy. Many other companies are also withholding guidance due to this.
KBH stock was down 4.7% after markets closed on Wednesday and was down 2% at the end of normal trading hours.
As of this writing, William White did not hold a position in any of the aforementioned securities.