LV homebuilder posts strong earnings increase

Tuesday, June 26, 2001 | 10:44 a.m.

LOS ANGELES -- KB Homes of Los Angeles, a major homebuilder in the Las Vegas area, today reported profits increased 43 percent for the quarter ending May 31.

The company reported net income of $39.5 million, or $1.07 per share, for the quarter, compared to $27.7 million, or 68 cents per share, in the year-ago period. The quarter exceeded analyst expectations by 11 cents per share. Revenues rose 18 percent to $1.07 billion.

KB Homes also announced the resignation of its chief financial officer, Thomas Conforti, after less than four months on the job.

In addition, the homebuilder raised its outlook for the fiscal year ending Nov. 30 to between $5.10 and $5.20 per share, assuming market conditions remain stable. Analysts had been projecting $4.84 in earnings per share.

KB Homes stock rose 81 cents to $29.56 in today's trading.

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