KB Home (KBH) Tops Q4 EPS by 1c
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KB Home (NYSE: KBH) reported Q4 EPS of $0.40, $0.01 better than the analyst estimate of $0.39. Revenue for the quarter came in at $1.19 billion versus the consensus estimate of $1.15 billion.
- Net Orders Increase 20% to 2,254; Net Order Value Up 27% to $856 Million
- Backlog Value Increases to $1.5 Billion, Highest Year-End Level Since 2006
We made considerable progress on several fronts in 2016 with solid operational execution driving year-over-year increases in our annual deliveries, revenues and earnings,” said Jeffrey Mezger, chairman, president and chief executive officer. “We finished the year with strong fourth quarter performance and poised for long-term success with a roadmap for returns-focused growth, a refined core business strategy, and specific three-year financial targets. We also took decisive actions to improve our asset efficiency, committing to sell certain non-core land assets over the coming year. While this resulted in inventory-related impairment charges in the quarter, we intend to productively redeploy the cash proceeds to deleverage our balance sheet and invest in our business.”
“With healthy net order activity in the fourth quarter contributing to our highest backlog value level in 10 years, we are entering 2017 with strong momentum,” said Mezger. “Our strategy is to continue to grow the scale of our business within our current geographic footprint, increase our operating profits, and generate cash internally to both support our future growth and improve our leverage ratio. We believe we are well positioned to capitalize on the continuing increase in demand from first-time homebuyers accompanying current positive economic and demographic trends in many of our served markets.”
For earnings history and earnings-related data on KB Home (KBH) click here.
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