FOURTH-QUARTER EARNINGS SOAR 40% FOR KB HOME.Byline: Gregory J. Wilcox Wilcox may refer to: Place names in the United States
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KB Home saw fourth-quarter earnings surge 40 percent and full year revenues crest crest, in feudal livery, an ornament of the headpiece that afforded protection against a blow. The term is incorrectly used to mean family coat of arms. Crests were widely used in the 13th cent. $5 billion for the first time, the Los Angeles-based home builder reported Thursday. KB Home, a major player in the U.S. and French markets, earned a record $123.7 million during the year's final quarter, equal to $2.92 per share. In the year-ago period, the company earned $88.5 million, or $2.03 a share. Quarterly revenue totaled $1.682 billion, up from $1.450 billion in the prior year's fourth quarter. Results for the quarter and full year pummeled estimates of analysts polled by Thomson Financial/First Call. ``The increase in our community counts (new homes) and continued expansion of our operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: in the fourth quarter provided a strong finish to our fiscal year,'' company chairman and chief executive officer Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. Karatz said in a statement. California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , which is struggling with a housing shortage, contributed to KB Home's record performance. The company delivered 7,932 new units during the fourth quarter, up from 7,883 units in the year ago period. Housing revenues for the period increased about 15 percent to $1.6 billion from $1.4 billion in the year-earlier period as the average selling price The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. increased 13 percent to $202,000. Prices were higher in all of KB Home's regions, with the strongest increase occurring on the West Coast, driven by California's supply shortage. Prices here were about 18 percent higher than a year ago, an increase that is generally tracking the jump in the median price of previously owned homes in the state. Business should remain strong going forward, too. The company had orders for 5,831 homes at the end of the fourth quarter, up 9 percent from a year ago. They are valued at $2.35 billion, a 23 percent increase from the year-ago period. For the full year KB Home's net income surged 47 percent to $314.4 million, or $7.15 per share. In 2001 the company earned $212.2 million, or $5.50 a share. Revenue increased 10 percent to a record $5.03 billion. Shares of KB Home gained 5.74 percent, or $2.53, to close Thursday at $46.62. CAPTION(S): chart Chart: KB HOME'S GROWTH SOURCE: CBS (Cell Broadcast Service) See cell broadcast. MarketWatch Daily News |
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