KB Home quarterly revenue rises on higher demand
Reuters
Published Jun 21, 2023 05:45PM ET
(Reuters) - KB Home (NYSE:KBH) on Wednesday posted a 3% rise in its quarterly revenue, helped by strong demand amid tight supply of homes.
Shares of the U.S. homebuilder rose about 1% in after-market trade.
Demand for new homes in the United States remains strong, aided by a persistent shortage of preowned houses on the market and a sharp dip in prices from last year's lofty levels.
"The improvement in demand we started to see in February was sustained throughout our second quarter," KB Home Chief Executive Jeffrey Mezger said in a statement.
The results come a week after peer Lennar Corp (NYSE:LEN) raised its full-year forecast for home deliveries, as the homebuilder benefits from upbeat demand that far outpaced supply.
KB Home said it expected revenue for the full year to fall between $5.8 billion and $6.2 billion, compared to Refinitiv IBES estimates of $5.7 billion.
The California-based company posted second-quarter revenue of $1.77 billion for the quarter ended May 31, compared to $1.72 billion a year earlier.
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Written By: Reuters
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