UPDATE: KB Home Posts Higher Q3 Profit

KB Home

reported a rise in its third-quarter net income. KB Home's quarterly net profit surged to $27.3 million, or $0.30 per share, from $3.3 million, or $0.04 per share, in the year-ago period. Its sales climbed 29% to $549 million. However, analysts were expecting earnings of $0.22 per share on revenue of $567 million. KB Home's overall average selling price climbed 22% y/y to $299,100. KB Home shares declined 0.82% to $16.89 in pre-market trading.