© Reuters. KB Home Earnings, Revenue Beat in Q2

Investing.com — KB Home (NYSE:) reported on Wednesday second quarter that beat analysts’ forecasts and revenue that topped expectations.

KB Home announced earnings per share of $2.32 on revenue of $1.72 billion. Analysts polled by Investing.com anticipated EPS of $2.04 on revenue of $1.64 billion.

Shares of the home builder rose 3% in after-hours trading.

The company said sales rates are moderating because of higher mortgage rates and inflation that is pushing some buyers to the sidelines. But it reaffirmed its 2022 guidance.

Revenue was up 19% and home deliveries were even at 3,469 compared to the same quarter last year. The average selling price rose 21% to $494,300. KB Home said homebuilding operating income grew 62%, to $264.5 million.

KB Home shares are down 41.45% from the beginning of the year, still down 47.83% from its 52-week high of $50.20 set on January 14.

KB Home shares gained 4.28% in after-hours trade following the report.

KB Home follows other major Consumer Discretionary sector earnings this month

KB Home’s report follows an earnings beat by Alibaba ADR on May 26, who reported EPS of $7.95 on revenue of $204.05 billion, compared to forecast EPS of $7.1 on revenue of $199.47 billion.

Pinduoduo had beat expectations on May 27 with first quarter EPS of $2.95 on revenue of $23.79 billion, compared to forecast for EPS of $1.83 on revenue of $20.45 billion.

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar.

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