KB Home (NYSE: KBH) reported Q4 EPS of $0.43, $0.07 worse than the analyst estimate of $0.50. Revenue for the quarter came in at $985.8 thousand versus the consensus estimate of $1.07 million.

Backlog and Net Orders

• The dollar value of homes in backlog grew 40% to $1.28 billion at November 30, 2015 from $914.0 million at November 30, 2014, reflecting substantial increases in each of the Company’s four regions. These increases ranged from 15% in the West Coast region to 104% in the Southwest region.
  • The number of homes in backlog at November 30, 2015 increased 36% to 3,966, compared to 2,909 a year ago.
  • The Company’s ending backlog, in terms of both homes and value, reached its highest fourth-quarter level since 2007.

• The value of the Company’s fourth-quarter net orders increased 15% to $675.8 million from $587.4 million in the year-earlier quarter. The Company’s net order value has now increased year over year for 15 consecutive quarters.
  • Each of the Company’s four regions produced year-over-year growth in net order value, ranging from 8% in the West Coast region to 30% in the Southeast region.
• Net orders for the current quarter grew 10% to 1,882, compared to 1,706 in the year-earlier quarter.
  • The cancellation rate as a percentage of gross orders improved to 32% from 37% for the fourth quarter of 2014, and as a percentage of beginning backlog improved to 19% versus 29% a year ago.
  • The Company’s overall average community count for the fourth quarter increased 17% to 250, compared to 214 for the year-earlier quarter. At November 30, 2015, the Company had 247 communities open for sales, up 9% from 227 communities a year ago.
• Net order value for the year rose 26% from the previous year, reflecting a 22% increase in net orders to 9,253, the Company’s highest annual net orders since 2007.

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