KB Home (NYSE: KBH) reported Q3 EPS of $1.60, $0.02 worse than the analyst estimate of $1.62. Revenue for the quarter came in at $1.47 billion versus the consensus estimate of $1.57 billion.

Backlog and Net Orders (comparisons on a year-over-year basis)

• Ending backlog value expanded 89% to $4.84 billion, the Company’s highest third-quarter level since 2006, driven by strong increases in each of the Company’s four regions, ranging from 70% in the West Coast to 140% in the Southeast. Ending backlog grew 58% to 10,694 homes.
• Net order value increased by $365.4 million, or 22%, to $2.01 billion, reflecting a 26% increase in the overall average selling price of net orders to $491,800, partly offset by a 3% decrease in net orders to 4,085. While net orders per community remained strong, the Company’s total net orders decreased due to a lower average community count in the current period.
• The cancellation rate as a percentage of gross orders for the quarter improved to 9% from 17%.
• Reflecting strong housing demand, average monthly net orders per community increased to 6.6 from 5.9, even as the Company strategically paced lot releases to enhance margins and align with current production capacity.
• The Company’s average community count decreased 14% to 205, and its ending community count declined 9% to 210. On a sequential basis, the Company’s average community count held steady, and its ending community count increased 5%.

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