KB Home shares declined after hours Wednesday following an earnings beat, a hiked revenue forecast, and reported steady demand amid rising mortgage rates.
KB Home shares declined in the extended session Wednesday even after the home builder reported results that topped Wall Street estimates, hiked its revenue forecast for the year and reported steady demand amid rising mortgage rates.
The company reported fiscal third-quarter net income of $149.9 million, or $1.80 a share, compared with $255.3 million, or $2.86 a share, in the year-ago period. Revenue declined to $1.59 billion from $1.84 billion in the year-ago quarter. KB Home also forecast full-year revenue of about $6.31 billion. A quarter ago, KB Home had estimated revenue between $5.8 billion and $6.2 billion. Analysts forecast, on average, $6.17 billion in annual revenue from KB Home.
On Wednesday, the Federal Reserve forecast a “soft landing” for the economy and left rates unchanged.
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