KB Home (KBH) Tops Q1 EPS by 3c

March 19, 2014 8:35 AM EDT
KB Home (NYSE: KBH) reported Q1 EPS of $0.12, $0.03 better than the analyst estimate of $0.09. Revenue for the quarter came in at $450.7 million versus the consensus estimate of $437.09 million. Average Selling Price Up 12%; Net Order Value Grows 18%; Backlog Value Up 21% to $851.6 Million

"We are pleased by our first quarter results," said Jeffrey Mezger, president and chief executive officer. "Building on the momentum and the full-year profitability our business achieved in 2013, we posted net income in the first quarter for the first time since 2007, along with higher average selling prices, increased revenues, expanded gross margins and improved operating leverage. We believe this performance reflects the continued success of our strategic initiatives, and gives us a firm foundation to deliver on our financial objectives for the year."

“As we continue to execute on our business strategies, increasing the number of communities we operate will be a key factor in driving higher revenues and profits this year,” said Mezger. “Through our substantial investments in land and land development over the past few years, we believe we have created a solid platform for growth. In the current quarter, our double-digit percentage increase in community count helped us generate net order growth, and we are actively working to open additional new home communities. We are entering the spring selling season positioned with more communities open in attractive locations across the country, and we are confident that our balanced approach to sales price and pace, combined with our focus on both top-line growth and profitability, will produce strong results in the coming quarters.”

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

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