KB Home posted its fiscal-first-quarter revenue that grew from the year-ago period but fell short of analysts’ expectations.
The homebuilding company’s earnings came in at $1.02 a share compared with 63 cents a share in the year-earlier quarter. Analysts polled by FactSet had expected 92 cents a share.
Revenue climbed +6.1% year-over-year to $1.14 billion, shy of the $1.21 billion predicted by analysts.
Number of homes delivered by KB rose +4% from the year-ago period to 2,864 -- the most in a Q1 since 2008. The homes sold for an average price of $397,100, up +2% year-over-year.
Net orders increased +23% year-over-year to nearly 4,300 homes in the quarter.
“Millennials, the largest adult population in the U.S., are now in their prime homebuying years and continue to represent our largest cohort of buyers,” the executive said.
According to Jeffrey Mezger, chairman, president and chief executive, KB has a “competitive advantage in serving first-time buyers and … building homes in desirable locations at affordable price points.” Millenials continue to represent the company’ largest cohort of buyers, Mezger said.