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What happened
Shares of
KB Home (NYSE:KBH) were climbing today after the company reported better-than-expected results in its fourth-quarter earnings report last night. As a result, the stock was up 4.5% as of 11:34 a.m. EST after gaining as much as 10.6% earlier in the session.
So what
KB Home, one of the nation s largest homebuilders, reported revenue down sharply, due to constraints from the coronavirus pandemic, but strong growth in demand and its order backlog. Revenue in the quarter fell 23% to $1.19 billion, a reflection of a dip in orders and supply chain challenges during the early months of the pandemic, but that still topped expectations at $1.14 billion. Homes delivered in the period fell 26.8% to