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KB Home Declines After Earnings Miss Analyst Estimates

KB Home, the Los Angeles-based homebuilder, fell the most in nine months after reporting lower-than-expected quarterly earnings as the transition to a new mortgage partner delayed some deliveries.

Net income for the three months through August was $28.4 million, or 28 cents a share, compared with $27.3 million, or 30 cents, a year earlier, KB Home said today in a statement. The average analyst estimate was for earnings of 40 cents a share, according to data compiled by Bloomberg.