KB Home (NYSE: KBH) reported Q3 EPS of $2.04, $0.02 worse than the analyst estimate of $2.06. Revenue for the quarter came in at $1.75 billion versus the consensus estimate of $1.73 billion.

Ending backlog homes totaled 5,724, compared to 7,008. Ending backlog value was $2.92 billion, compared to $3.40 billion.

Guidance

The Company is providing the following guidance for its 2024 full year:

• Housing revenues in the range of $6.85 billion to $6.95 billion.
• Average selling price of approximately $490,000.
• Homebuilding operating income as a percentage of revenues in the range of 11.1% to 11.2%, assuming no inventory-related charges.
• Housing gross profit margin in the range of 21.1% to 21.2%, assuming no inventory-related charges.
• Selling, general and administrative expenses as a percentage of housing revenues of approximately 10.0%.
• Effective tax rate of approximately 23%.
• Ending community count in the range of 250 to 255.

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