Kaufman & Broad earnings beat estimates

Thursday, Jan. 13, 2000 | 11:39 a.m.

Kaufman & Broad Home Corp. of Los Angeles, the largest homebuilder in Las Vegas, today posted a 53 percent increase in fourth-quarter net income, turning in a far better performance than Wall Street expected.

K&B reported net income of $64.5 million, or $1.36 a share, compared with $41.8 million or $1.02 a share in the year-ago quarter.

The mean estimate of analysts surveyed by First Call/Thomson Financial was for earnings of $1.29 a share.

Revenue rose to $1.22 billion from $826.6 million a year ago as home deliveries increased 39 percent.

Investors reacted favorably to the earnings report this morning, sending K&B shares up $1.06 to $24.

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