KB Home posts $100.7M profit for Q4

LOS ANGELES - KB Home capped its fiscal year with the first quarterly profit since 2007, thanks to a change in federal tax laws, and said it expects to turn a profit by the end of the year. KB Home sold 8,341 homes during the 12 months ended in November, and forecasts sales of between 8,000 and 9,000 homes this year. The company's new orders, however, rose just 12 percent in the fourth quarter compared to the year-earlier period. That disappointed investors who were anticipating that KB Home, which caters to first-time buyers, would get a bigger lift from a federal tax credit for new owners.

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