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Nov 30, 2023
KB Home Q4 2023 Earnings Report
KB Home reported solid Q4 2023 results, outperforming guidance on key financial metrics with revenues of $1.67 billion and diluted earnings per share of $1.85.
Key Takeaways
KB Home's Q4 2023 results showed revenues of $1.67 billion and diluted earnings per share of $1.85. The company repurchased 3.6 million shares during the quarter and experienced a significant increase in net orders in the first five weeks of Q1 2024.
Fourth quarter revenues reached $1.67 billion.
Diluted earnings per share were $1.85.
Net orders increased by 176% year-over-year.
The company repurchased 3.6 million shares of common stock.
Revenue by Geographic Location
Forward Guidance
KB Home provided guidance for the full year 2024, including housing revenues between $6.40 billion and $6.80 billion, and an average selling price between $480,000 and $490,000.
Positive Outlook
- Housing revenues in the range of $6.40 billion to $6.80 billion.
- Average selling price in the range of $480,000 to $490,000.
- Homebuilding operating income as a percentage of revenues of approximately 11.0%, assuming no inventory-related charges.
- Housing gross profit margin of approximately 21.0%, assuming no inventory-related charges.
- Ending community count of approximately 270, up 12%.
Challenges Ahead
- Selling, general and administrative expenses as a percentage of housing revenues of about 10.0%.
- Effective tax rate of approximately 24.0%.
- Potential for inventory-related charges impacting operating income and gross profit margin.
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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