By Denny Jacob
KB Home reported better-than-expected sales but said supply chain issues intensified and an already-constrained construction labor force was further stressed in the first quarter.
The home builder posted $134.3 million in net income, or per-share earnings of $1.47, for the quarter ended Feb. 28, compared with net income of $97.1 million, or per-share earnings of $1.02, in the year-ago period. Analysts polled by FactSet expected per-share earnings of $1.54.
Total revenue rose to $1.4 billion from $1.14 billion. Analysts polled by FactSet expected $1.5 billion. KB Home said build times were extended and completions and planned deliveries were delayed due to supply chain and labor force issues.
KB Home said the average selling price rose 22% to $486,100 but that homes delivered were virtually even at 2,868 in the quarter.
Write to Denny Jacob at [email protected]
