KB Home (NYSE: KBH) reported Q2 EPS of $0.10, $0.02 better than the analyst estimate of $0.08. Revenue for the quarter came in at $623 million versus the consensus estimate of $619.05 million.

• Housing revenues rose 8% to $604.9 million from $559.8 million for the year-earlier quarter, reflecting expanded delivery volume and a higher overall average selling price.
  • The Company delivered 1,787 homes, up 2% from 1,751 homes in the year-earlier quarter.
  • The overall average selling price of homes delivered advanced 6% to $338,500, compared to $319,700 for the corresponding period of 2014. Average selling prices increased in the Company’s West Coast, Central and Southeast regions, while its Southwest region’s average selling price was essentially even.
• Land sale revenues increased to $15.9 million from $2.6 million a year ago, reflecting sales in three of the Company’s four regions.

Backlog and Net Orders

• Potential future housing revenues in backlog grew 57% to $1.61 billion at May 31, 2015, from $1.03 billion at May 31, 2014, reflecting substantial year-over-year increases in each of the Company’s four regions. These increases ranged from 38% in its Central region, which mainly consists of the Company’s operations in Texas, to 199% in its Southwest region.
  • The Company’s backlog at May 31, 2015 increased 39% to 4,733 homes, compared to 3,398 homes in backlog at May 31, 2014.
  • The number of homes in backlog and corresponding backlog value at May 31, 2015 reached their highest second-quarter levels since 2008 and 2007, respectively.
• The value of net orders generated in the current quarter rose 38% to $1.05 billion from $763.2 million in the year-earlier period, marking the Company’s 13th consecutive quarter of year-over-year increases.
  • Each of the Company’s four regions generated year-over-year growth in net order value, ranging from 23% in its Central region to 165% in its Southwest region.
• Net orders grew 33% to 3,015 in the current quarter, compared to 2,269 in the year-earlier quarter, largely driven by expansion in the Company’s average community count.
  • The cancellation rate as a percentage of gross orders improved to 22% from 28% in the second quarter of 2014, and as a percentage of beginning backlog was 25% versus 30% a year ago.
• The Company’s overall average community count for the second quarter increased 30% to 248 from 191 for the year-earlier quarter.
  • The Company ended the current quarter with 261 communities open for sales, up 35% from 194 communities a year ago. On a sequential basis, the current quarter ending community count increased 11% from the first quarter of 2015.

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