KB Home (NYSE: KBH) reported Q1 EPS of $0.08, $0.06 better than the analyst estimate of $0.02. Revenue for the quarter came in at $580 million versus the consensus estimate of $474.3 million.

• Housing revenues grew 19% to $524.8 million in the current quarter from $440.1 million for the corresponding quarter of 2014. The Company delivered 1,593 homes in the first quarter, representing an increase of 10% from 1,442 homes delivered in the year-earlier quarter.
  • The overall average selling price of homes delivered grew 8% to $329,500, up from $305,200 a year ago, reflecting a shift in the geographic mix of deliveries and generally favorable conditions in the Company’s served markets.

    * Average selling prices in the Company’s West Coast, Central and Southeast homebuilding regions increased 5%, 13% and 3%, respectively, compared to the same quarter of 2014, while the average selling price in its Southwest homebuilding region decreased 4%.

• Land sale revenues increased to $53.0 million from $8.1 million a year ago, primarily due to the Company’s current quarter sale of a large parcel in northern California as part of its strategic emphasis on enhancing asset efficiency by executing on targeted opportunities to monetize certain land positions.

Backlog and Net Orders

• Potential future housing revenues in backlog rose 30% to $1.11 billion at February 28, 2015 from $851.6 million at February 28, 2014.
  • The Company’s backlog at February 28, 2015 was comprised of 3,505 homes, up 22% from 2,880 homes in backlog at February 28, 2014.
  • The number of homes in backlog and corresponding backlog value at February 28, 2015 reached their highest first-quarter levels since 2008.
• Net order value rose 25% to $753.2 million, up from $600.2 million in the year-earlier quarter, marking the Company’s 12th straight quarter of year-over-year increases.
  • All four of the Company’s homebuilding regions posted year-over-year growth in net order value, ranging from 6% in the West Coast homebuilding region to 125% in the Southwest homebuilding region.
    • In the Company's Central homebuilding region, which primarily consists of its operations in Texas, net order value was up 34% from a year ago.

• Net orders increased 24% from the year-earlier quarter to 2,189, mainly due to the Company’s higher average community count.
  • The current quarter cancellation rate, both as a percentage of gross orders and as a percentage of beginning backlog, improved to 25% from 30% a year ago.
• The Company’s overall average community count for the first quarter increased 22% to 231, up from 190 for the year-earlier quarter.
  • The Company ended the current quarter with 235 communities open for sales, up 25% from 188 communities a year ago.

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