KB Home surprised Wall Street with a profit for the fiscal fourth quarter, despite delivering fewer homes.
The homebuilder earned $17.4 million, or 23 cents per share, for the three months ended Nov. 30, helped by lower expenses. That's down 83 percent from a profit of $100.7 million, or $1.31 per share, a year earlier, when KB Home benefited from a $191.7 million tax benefit.
Analysts expected a loss of 19 cents per share.
Revenue dropped to $451 million, but topped Wall Street's $446.4 million. KB Home delivered 37 percent fewer homes, but that was partly offset by a 14 percent increase in the average selling price.
KB Home, based in Los Angeles, builds homes to order for entry level, move-up buyers and seniors in 12 states.
Shares of the company were up over 6 percent in pre-market trading. Get real-time quotes for KB Home here.