KB Home Posts 4th Quarter Profit
This is great news for the beleaguered home building industry. KB Home has tightened their business model, did well with the first time home buyer credit, and found a way to make 100.7 million dollars in the 4th quarter of 2009.
Bravo!
The company earned $100.7 million, or $1.31 a share, in the three months ended Nov. 30. That included a tax gain of $191.7 million. On a pretax basis, KB Home lost $91 million as it abandoned land contracts and wrote down the value of joint ventures and inventory. In the fourth quarter of 2008, the builder lost $307.3 million, or $3.96 a share.
Revenue dropped to $674.6 million from $919 million in the prior year.
Analysts polled by Thomson Reuters expected a loss of 42 cents a share on revenue of $577.8 million. via the AJC
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Hoping the Oracle of Omaha also has an 8 ball to consult. 
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