Big LV builder’s profit improves

Friday, Sept. 21, 2001 | 11 a.m.

KB Home of Los Angeles, the No. 2 home builder in Las Vegas, reported a profit for the third quarter ended Aug. 31 of $60.4 million or $1.58 per share, up from $44.6 million $1.14 in the year-ago quarter. This surpassed Wall Street's expectation by 16 cents per share.

Chief Executive Bruce Karatz said the company revised its 2001 earnings target to between $5.20 to $5.30 a share, up from analysts' consensus estimate of $5.17 and year-ago earnings of $4.25 a share.

"We're cautiously optimistic" that the economy will be resilient despite the slowdown caused by last week's terrorist attacks, he said.

archive