KB Home (NYSE: KBH) reported third-quarter results, with EPS coming in at $1.60, growing 93% but slightly lower than the Street estimate of $1.62. Operating income margin increasing to 12.1%, the company highlighted. Quarterly revenue grew 47% to $1.47 billion, the highest Q3 level in 14 years, but missed the consensus estimate of $1.57 billion.

The homebuilder said third quarter deliveries were impacted by the ongoing industry-wide supply chain issues and labor shortages that have extended build times. However, the company said they are working on solutions to mitigate the issues and stabilize our construction times.

Ending backlog grew 58% to 10,694 homes or to $4.84 billion (up 89%), driven by strong increases in each of the company’s four regions.

Net order value grew 22% to $2.01 billion, resulting from a 26% increase in the average selling price of net orders, partly offset by a 3% decrease in net orders.

Looking to next year, CEO Jeffrey Mezger sees another year of profitable growth.

"With a sizable increase in our backlog value and projected increases in community count and margins, we expect a meaningful expansion of our return on equity that will be further enhanced by the $188 million we returned to stockholders through recent share repurchases," Mezger commented.