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May 31, 2023
KB Home Q2 2023 Earnings Report
KB Home's Q2 2023 financial results were reported, demonstrating revenue growth and strong earnings per share.
Key Takeaways
KB Home reported strong financial results for the second quarter of 2023, exceeding guidance with revenue growth to $1.77 billion and diluted earnings per share of $1.94. The company saw sustained improvement in demand and a sequential increase in backlog, positioning it well for achieving its revenue target for 2023.
Revenues rose 3% to $1.77 billion.
Diluted earnings per share reached $1.94.
Net orders increased 1% to 3,936.
Average selling price decreased 3% to $479,500.
KB Home
KB Home
Forward Guidance
KB Home provided full year 2023 guidance including housing revenues in the range of $5.80 billion to $6.20 billion and an average selling price of approximately $485,000.
Positive Outlook
- Housing revenues in the range of $5.80 billion to $6.20 billion.
- Average selling price of approximately $485,000.
- Homebuilding operating income as a percentage of revenues of about 11.0%, assuming no inventory-related charges.
- Housing gross profit margin of approximately 21.2%, assuming no inventory-related charges.
- Average community count up about 10%, with ending community count flat, year over year.