Why KB Home Stock Is Sinking After-Hours
Portfolio Pulse from Ryan Gustafson
KB Home (NYSE:KBH) reported Q3 earnings of $1.80 per share, beating the analyst consensus estimate of $1.43, but a 37.06% decrease YoY. Quarterly sales were $1.59 billion, beating the analyst consensus estimate of $1.48 billion, but a 13.98% decrease YoY. The company also reported a 7% decrease in homes delivered and a decrease in the average selling price. However, KB Home raised the full-year 2023 housing revenues outlook from between $5.80 billion and $6.20 billion to $6.31 billion.
September 20, 2023 | 8:29 pm
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KB Home reported better than expected Q3 earnings and sales but saw YoY decreases. The company also reported a decrease in home deliveries and average selling price, but raised its 2023 housing revenues outlook.
Despite beating Q3 estimates, KB Home reported YoY decreases in earnings and sales, as well as a decrease in home deliveries and average selling price. However, the company raised its 2023 housing revenues outlook. This mixed report could lead to uncertainty among investors, potentially driving the stock price down in the short term.
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