Home builder KB Home (NYSE:KBH) saw a bigger-than-expected rise in average selling prices in the end-August quarter.
The boost in prices offset lower-than-anticipated home completions, resulting in earnings beating the Street’s expectations.
Post-tax profit eased to US$23.3mln, equivalent to 23 cents a share, from US$28.4mln in the three months to the end of August 2014, or 28 cents a share.
Analysts had forecast earnings per share this time round of 22 cents, a penny below the actual level.
Revenue rose to US$840.20mln from US$586.23mln in the corresponding period of last year.
The company delivered 2,236 homes, up one-fourth from the 1,793 homes delivered the year before, while the average selling price rose 9% to US$357,200 from US$327,000.
"Our third quarter results showed broad-based improvement in virtually all key operational and financial metrics across our four regions," said chief executive Jeffrey Mezger.