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Feb 29, 2024
KB Home Q1 2024 Earnings Report
KB Home reported a strong start to fiscal year 2024 with revenues up 6% and diluted earnings per share increasing 21%.
Key Takeaways
KB Home reported a strong first quarter in fiscal year 2024, with revenues increasing by 6% to $1.47 billion and diluted earnings per share growing by 21% to $1.76. Net orders surged by 55%, and the net order value increased by 58% to $1.58 billion. The company also repurchased $50 million of common stock during the quarter.
Revenues increased by 6% to $1.47 billion.
Diluted earnings per share rose by 21% to $1.76.
Net orders were up 55%, with net order value increasing by 58% to $1.58 billion.
The company repurchased $50 million of common stock.
Revenue by Segment
Forward Guidance
The Company is providing the following guidance for its 2024 full year:
Positive Outlook
- Housing revenues in the range of $6.50 billion to $6.90 billion.
- Average selling price in the range of $480,000 to $490,000.
- Homebuilding operating income as a percentage of revenues in the range of 10.9% to 11.3%, assuming no inventory-related charges.
- Housing gross profit margin in the range of 21.0% to 21.4%, assuming no inventory-related charges.
- Ending community count of about 260, up 7% year over year.
Challenges Ahead
- Effective tax rate of approximately 23.0%.
- Selling, general and administrative expenses as a percentage of housing revenues of approximately 10.2%.
- The guidance assumes no inventory-related charges.
- The average selling price may fluctuate.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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