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June 24, 2020, 5:18 p.m. EDT

KB Home stock drops after coronavirus fuels big drop in orders

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By Wallace Witkowski

KBH

KB Home /zigman2/quotes/206220859/composite KBH -0.85% shares dropped in the extended session Wednesday after the homebuilder reported a huge drop in housing orders because of the COVID-19 pandemic while turning in an earnings beat. KB Home shares fell 8% after hours, following a 2.2% decline in the regular session to close at $33.33. The company reported second-quarter net income of $52 million, or 55 cents a share, compared with $47.5 million, or 51 cents a share, in the year-ago period. Revenue declined to $914 million from $1.02 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 52 cents a share on revenue of $1.07 billion. Gross orders fell 4% in March, 59% in April, and 42% in May, as customers cancelled orders due to the pandemic, KB Home said. Easing of shelter-in-place restrictions, however, are resulting in an uptick, the company said, noting that gross orders for the first three weeks of June are up 4% from a year ago.

/zigman2/quotes/206220859/composite
US : U.S.: NYSE
$ 36.30
-0.31 -0.85%
Volume: 890,959
Aug. 13, 2020 4:00p
P/E Ratio
11.27
Dividend Yield
0.99%
Market Cap
$3.31 billion
Rev. per Employee
$2.37M
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