KB Home (KBH) Tops Q1 EPS by 5c

KB Home (NYSE: KBH) reported Q1 EPS of $0.31, $0.05 better than the analyst estimate of $0.26. Revenue for the quarter came in at $811.5 million versus the consensus estimate of $830.28 million.

Backlog and Net Orders (comparisons on a year-over-year basis)

• Net orders decreased by 109, or 4%, to 2,675, with net order value declining $151.0 million, or 13%, to $1.02 billion. The decreases were primarily attributable to the Company’s West Coast region.
• Company-wide, net orders per community averaged 3.7 per month, compared to 4.2 per month.
• The cancellation rate as a percentage of gross orders was flat at 20%.
• The number of homes in ending backlog totaled 4,631, compared to 4,972.
• Ending backlog value of $1.66 billion decreased 16%, reflecting fewer homes in backlog and the lower average selling price of those homes primarily due to a shift in geographic mix.
• Ending community count grew 13% to 248. Average community count increased 10% to 244.
• The improvement in the Company’s ending and average community counts reflected increases in each of its four regions. Ending community count growth ranged from 4% in the Company’s Central region to 26% in its Southeast region.

For earnings history and earnings-related data on KB Home (KBH) click here.

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