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Feb 28, 2022
KB Home Q1 2022 Earnings Report
KB Home reported a solid year-over-year growth in Q1 2022, with diluted earnings per share increasing 44%.
Key Takeaways
KB Home's Q1 2022 results showed a 23% increase in total revenues to $1.40 billion and a 44% growth in diluted earnings per share to $1.47. The company's ending backlog value rose by 55% to $5.71 billion. They are reaffirming their revenue guidance for the year, with 30% growth.
Total revenues increased 23% to $1.40 billion.
Diluted earnings per share grew 44% to $1.47.
Ending backlog value was up 55% to $5.71 billion.
Gross margin increased to 22.4%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company is providing the following current guidance for its 2022 fiscal year: Housing revenues in the range of $7.20 billion to $7.60 billion.
Positive Outlook
- Housing revenues in the range of $7.20 billion to $7.60 billion.
- Average selling price in the range of $490,000 to $500,000.
- Homebuilding operating income as a percentage of revenues in the range of 16.0% to 16.6%, assuming no inventory-related charges.
- Housing gross profit margin in the range of 25.5% to 26.3%, assuming no inventory-related charges.
- Ending community count of approximately 255.
Challenges Ahead
- Selling, general and administrative expenses as a percentage of housing revenues in the range of 9.2% to 9.8%.
- Effective tax rate of approximately 25%, assuming no federal energy tax credit extension is enacted.
- Supply chain issues intensified and an already-constrained construction labor force was further stressed, which extended our build times and delayed completions and planned deliveries.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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