Strong Profits at Kaufman and Countrywide

The booming housing market fueled strong profit growth at home builder Kaufman & Broad Home Corp. and mortgage lender Countrywide Credit Industries Inc. in the latest quarter.

Los Angeles-based Kaufman said its net income doubled to $16.2 million, or 35 cents a share, in its fiscal first quarter, and it forecast another strong earnings performance for the year based on continued sales growth and a hefty backlog of orders. The results beat analyst forecasts of 33 cents a share and compare with $8.1 million, or 20 cents, a year ago. Revenue climbed 63% to $694.1 million.

Calabasas-based Countrywide said its earnings rose 19% in its fiscal fourth quarter to $101.6 million, or 86 cents a share, a penny higher than analysts forecast, as it lent a record amount even as interest rates rose.

Countrywide said it lent $25.1 billion in the quarter, up 55% from a year ago. The number of new loans increased 50% to 213,693.