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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.
KB Home
KB Home
KB Home Revenue by Segment
Revenue by Segment
Housing Revenue
CapyFin.com 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.
- The effective tax rate could impact net income.