KB Home said Tuesday that its third-quarter net income grew more than eightfold. The homebuilder’s earnings topped analysts’ expectations, but revenue fell short.
For the three months ended Aug. 31, KB Home earned $27.3 million, or 30 cents per share. That’s up sharply from $3.3 million, or 4 cents per share, in the prior-year period. Analysts forecast earnings of 21 cents per share, according to a FactSet poll.
The results were helped by lower interest expenses which fell to $11.3 million from $23.1 million in the quarter.
KB Home’s revenue increased 29 percent, to $549 million, as the average sales price rose 22 percent. Wall Street predicted higher revenue of $568.2 million.
Home deliveries climbed 6 percent to 1,825 homes. This is the eighth consecutive quarterly increase for the Los Angeles company.