KB Home (KBH) swings to a net profit of $10.6M from a loss of $12.5M a year earlier, the first time that the company has made a net profit in Q1 since 2007.
Average selling price +12% to $305,200.
Net orders +18% to $600.2M.
Backlog +21% to $851.6M
Delivered 1,442 homes vs 1,485 a year earlier, as a decrease in the West Coast was mostly offset by increases in KB Home's three other regions.
Confident of strong results in the coming quarters.
Shares +7.5% premarket. (PR)