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KB Home tops Street 3Q forecasts

KB Home is teaming up with the U.S. arm of an Australian company, Nexus eWater, which can recycle 2/3 of the water you use in your home on site.
Diana Olick | CNBC
KB Home is teaming up with the U.S. arm of an Australian company, Nexus eWater, which can recycle 2/3 of the water you use in your home on site.

KB Home on Thursday reported fiscal third-quarter profit of $23.3 million.

On a per-share basis, the Los Angeles-based company said it had net income of 23 cents.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 22 cents per share.

The homebuilder posted revenue of $843.2 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $817.4 million.

KB Home shares have declined 13 percent since the beginning of the year. The stock has decreased 15 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KBH at http://www.zacks.com/ap/KBH