KB Home reported first-quarter profits that topped expectations on Wednesday.
The company posted adjusted earnings-per-share (EPS) of $0.14, on revenues of $675.7 million.
Analysts had expected the homebuilder to earn $0.11 in adjusted earnings-per-share and revenues of $637.3 million, according to Bloomberg.
KB Home shares rose as much as 4% in after hours trading.
Net order value rose 9% to $825 million. Orders were expected to be up 3.9% during the quarter, according to the average of four estimates.
The housing market is going through a supply shortage that, coupled with rising demand, is driving up prices.
This has benefited companies like Home Depot, which reported a strong fourth quarter with better-than-expected sales.
This has slowed down the pace of new and existing home sales in recent months. KB Home focuses on first-time home buyers.
More to come …
Business Insider Emails & Alerts
Site highlights each day to your inbox.