KB Home (KBH) has reported an 103.77 percent jump in profit for the quarter ended May 31, 2017. The company has earned $31.78 million, or $0.33 a share in the quarter, compared with $15.60 million, or $0.17 a share for the same period last year.
Revenue during the quarter grew 23.64 percent to $1,002.79 million from $811.05 million in the previous year period.
Total expenses were $951.33 million for the quarter, up 21.44 percent or $167.93 million from year-ago period. Operating margin for the quarter expanded 172 basis points over the previous year period to 5.13 percent.
Operating income for the quarter was $51.46 million, compared with $27.66 million in the previous year period.
"Our strong second quarter performance, particularly our 24% revenue growth, reflects our ongoing efforts to increase the scale of our business and continue the steady operational execution that are driving improvements in our profits, returns and other financial metrics," said Jeffrey Mezger, chairman, president and chief executive officer. "Specifically, we produced measurable expansion of our operating income margin which, combined with our backlog growing to $2.2 billion, positions us for continued meaningful improvement in our results. Looking forward, we remain committed to delivering value to our customers and stockholders and, based on the advancements we have made in the first half of the year, as well as our positive outlook, we are raising our 2017 full-year financial targets."
Real estate inventory stood at $3,488.20 million as on May 31, 2017. Net receivables stood at $234.71 million as on May 31, 2017. Accounts payable stood at $186.99 million as on May 31, 2017.
Total assets stood at $4,958.80million as on May 31, 2017. On the other hand, total liabilities were at $3,186.41 million as on May 31, 2017.
Return on assets was at 0.64 percent in the quarter. At the same time, return on equity was at 1.79 percent in the quarter.
Total debt was at $2,510.12 million as on May 31, 2017. Shareholders equity was at $1,772.39 million as on May 31, 2017. Meanwhile, debt to equity ratio was at 1.42 percent in the quarter.
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