U.S. equities posted slight losses early Wednesday, before recovering mid-day. The S&P 500 Index, Dow Jones Industrial Average and Nasdaq Composite lost 0.1% apiece yesterday.
Here’s what’s happening with these companies:
KB Home (KBH)
KB Home reported on its latest quarter late yesterday.
The company’s earnings during its fourth quarter came in at $84.3 million, or 84 cents per share, topping the year-ago total of $37.5 million, or 40 cents per share. Analysts were calling for $76 million in earnings, or 77 cents per share.
In the revenue front, KB Home also impressed, raking in $1.4 billion, an 18% increase year-over-year. Analysts polled by Thomson Reuters were calling for revenue of $1.35 billion.
The company’s strong quarter came thanks to a robust U.S. housing market and a growing economy that set the tone for what is to come in 2018 with a dominant end to 2017.
“As we look to 2018, we expect conditions will remain favorable in most of our served markets, with solid demand for housing driven by healthy employment, rising household incomes and strong consumer confidence, and continued limited supply,” chairman and CEO Jeffrey Mezger said.
KBH stock gained 3.5% on Wednesday after hours.
Progress Software Corporation (PRGS)
Progress Software is also off to a good start to 2018.
For its fourth quarter of 2017, the application developer earned net income of $16.4 million, or 34 cents per share. The figure was better than the year-ago loss it posted.
On an adjusted basis, Progress Software earned 67 cents per share, six cents better than the 61 cents per share that analysts were calling for. Revenue tallied up to $116.1 million, better than the $114.34 million that analysts expected.
For its first quarter of fiscal 2018, Progress Software sees its earnings as being in the range of 46 cents to 48 cents per share, topping the 38 cents per share that Wall Street predicted.
For the full fiscal year, the company projects earnings as being in the range of $2.29 to $2.35 per share, compared to the consensus estimate of $1.88 per share. It sees revenue of $399 million to $404 million versus the consensus of $395 million.
PRGS stock skyrocketed 8.8% after the bell.
Waste Management, Inc. (WM)
Waste Management announced a move that will help bring some relief to employees.
In lieu of the tax reform that will affect many, the company said it will give $2,000 in special bonuses to about 34,000 employees, following the trend that other companies started.
The bonus will be offered to Waste Management’s North American employees who are not on a bonus or sales incentive plan, including hourly and other employees.
WM stock was trading flat after hours.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.
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