KB Home shares slipped in the extended session Wednesday after the homebuilder’s earnings and order backlog value topped Wall Street estimates but its reported revenue fell short of consensus.
shares declined 3% after hours, following a 0.3% advance in the regular session to close at $43.37.
The company reported second-quarter net income of $143.4 million, or $1.50 a share, compared with $52 million, or 55 cents a share, in the year-ago period. Revenue rose to $1.44 billion from $914 million in the year-ago quarter.
Analysts surveyed by FactSet had forecast earnings of $1.33 a share on revenue of $1.48 billion.
The company said its order backlog at the end of the quarter had soared 126% in value from a year ago, to $4.29 billion, while analysts had forecast $3.94 billion.
“With a backlog value above $4 billion, we are poised to deliver a substantial increase in revenue this year, at solid margins that we anticipate will contribute to a return on equity of roughly 20%,” said Jeffrey Mezger, KB Home chairman and chief executive, in a statement. “As we look to 2022, our backlog, together with our expected community count growth, positions our company for another year of healthy expansion.”