Jul 30, 2014
Partly Cloudy

Lake Forest Developer's Profits up This Year

Overall, however, KB Home is building fewer homes on the West Coast than last year at this time.

Lake Forest Developer's Profits up This Year

KB Home -- builder of the Whisler Ridge development in Lake Forest -- today reported first-quarter net income of $10.6 million, or 12 cents per share, up from a net loss of $12.5 million, or 16 cents per share, from the same quarter last year.

The homebuilder reported revenue up 11 percent to $450.7 million and the average selling price up 12 percent for the quarter ended Feb. 28.     

KB Home delivered 1,442 homes, down from 1,485 in the first quarter of 2013. The decrease in West Coast homebuilding was mostly offset by increases in its other three regions, according to the company. The overall average selling price of $305,200 rose $33,900, or 12 percent from the year-earlier quarter.

Jeffrey Mezger, president and chief executive officer, said it was the first time since 2007 that KB Home had a positive first-quarter.

"As we continue to execute on our business strategies, increasing the number of communities we operate will be a key factor in driving higher revenues and profits this year," Mezger said.

--City News Service

Don’t miss updates from Patch!