By Kimberly Chin
KB Home /zigman2/quotes/206220859/composite KBH -0.55% reported higher profit in the fiscal fourth quarter driven by higher sales and strong demand for its built-to-order product at affordable price points.
KB Home's net income was $123.2 million, or $1.31 a share, up from $96.8 million, or 96 cents a share, in the same quarter last year. Analysts polled by FactSet expected a per-share profit of $1.28.
Total revenue rose to $1.56 billion from $1.35 billion a year ago. Analysts were looking for $1.61 billion. Homebuilding revenue, which makes up a majority of KB Home's total revenue, rose roughly 16% from a year ago.
The company said it delivered 3,929 homes, an increase of 16% in the quarter, while net orders rose 38% to 2,777.
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