KB Home (KBH) Reports Q2 Earnings Beat and Reaffirms Outlook, Shares Up 2%
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EPS Growth %: -7.2%
Financial Fact:
Operating loss: 51.48M
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KB Home (NYSE: KBH) shares were trading more than 2% higher after-hours following the homebuilder's Q2 results, with EPS of $2.32 coming in better than the consensus estimate of $2.00. Revenue grew 19% year-over-year to $1.72 billion, beating the consensus estimate of $1.61 billion.
Ending backlog value increased 43% year-over-year to $6.12 billion, which represents the highest ever second-quarter level. Net order value increased 4% year-over-year to $2.12 billion, with net orders of 3,914 decreasing 9% year-over-year.
The firm is reaffirming fiscal 2022 guidance, although CEO Jeffrey Mezger said: "sales rates are moderating from the exceptional levels the industry has experienced, as buyers process the impact of higher mortgage interest rates, as well as inflationary pressures."
Mezger believes the company is well-positioned to navigate these changing market conditions due to the flexibility of our Built-to-Order business model.
By Davit Kirakosyan
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