KB Home pleased Wall Street analysts with its fiscal second-quarter results and full-year outlook, but those weren’t good enough for investors who had bid up the stock to a 16-year high ahead of the results.
The home builder’s KBH shares slumped 1.7% in morning trading Thursday, putting them on track to snap a four-day winning streak and to mark only a third loss in 15 trading sessions. Revenue grew 2.6% to $1.76 billion, well above the FactSet consensus of $1.43 billion, as homes delivered rose 5.7% to 3,666, far exceeding expectations of 2,971.
“With respect to demand, buyers are adjusting to higher mortgage rates, and the continuation of the more stable rate environment is a positive factor,” said Chief Executive Jeff Mezger on the call, according to an AlphaSense transcript. In a note to clients, he wrote that following KB Home’s results “it is becoming increasingly clear that not only are the public builders gaining market share” from a tight resale market and private competitors that are becoming increasingly strained, but that the “overall demand environment is improving.”
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