USA - Important points from KB Home and H.B. Fuller Q2 earnings reports
KB Home ( NYSE: KBH ) said on Wednesday its revenue in the fiscal second quarter came in weaker than expected. Its Q2 profit, however, beat Wall Street estimates.
KB Home’s Q2 financial results
KB Home said its profit in the second quarter came in at $143.4 million (£102.67 million) that translates to $1.50 per share. In the same quarter last year, its profit was capped at a much lower $52 million or 55 cents per share.
The homebuilder generated $1.44 billion of revenue in Q2 that represents a 58% annualised growth. According to FactSet, experts had forecast the company to post $1.48 billion of revenue and $1.33 of profit per share. The NYSE-listed company’s revenue had missed estimates in the prior quarter (Q1) as well.
Other notable figures in KB Home’s financial update on Wednesday include a 40% year over year increase in home deliveries and a 145% growth in net orders. The Los Angeles-based firm said its backlog in the recent quarter almost doubled to 10,034 homes.
Shares of the company were about 5% down in after-hours trading on Wednesday. On a year-to-date basis, KB Home is still up more than 20% in the stock market. It is valued at $3.99 billion and has a price to earnings ratio of 12.35.
H.B. Fuller’s Q2 financial results
H.B. Fuller Co ( NYSE: FUL ) also reported its financial results for the fiscal second quarter on Wednesday that topped analysts’ estimates for earnings and revenue on the back of robust industrial demand. The Minnesota-based company also said it will raise prices further.
H.B. Fuller said its profit in the second quarter printed at $49.1 million that translates to 90 cents per share. In the comparable quarter of last year, its profit stood at a much lower $31.6 million, or 61 cents per share.
On an adjusted basis, the adhesives company earned 94 cents per share in the recent quarter. H.B. Fuller valued its revenue in Q2 at $827.9 million – an increase from $674.6 million last year. According to FactSet, experts had forecast the company to post $764.4 million of revenue and 92 cents of adjusted per-share profit.
Shares of the company were about 1.5% down in extended trading on Wednesday. Including the price action, H.B. Fuller is now exchanging hands at $64.66 per share versus $52.50 per share at the start of the year.
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