On Wednesday, KB Home, the Los Angeles, California based custom home builder's shares rose as the company reported better-than-expected first quarter earnings with a boost in revenue from homebuilding.
The company said its net income was $13.1 million or 14 cents a share. A strong homebuilding business helped in pushing the company's revenue by seventeen percent to $678.4 million for the first quarter.
The results surpassed the analysts' expectations. KB Home's shares increased 84 cents or 6.4 percent, to $13.94 during the after-hours trading.