KB Home beats by $0.09, beats on revs
- Reports Q2 (May) earnings of $0.57 per share, $0.09 better than the Capital IQ Consensus of $0.48; revenues rose 9.8% year/year to $1.1 bln vs the $1.05 bln Capital IQ Consensus. Deliveries increased 5% to 2,717 homes. Average selling price rose 4% to $401,800 vs. $400-405K guidance. Operating income +50% to $74 mln
- Housing gross profit margin expanded 170 basis points to 17.1% (17.7% ex-charges) vs. 16.8-17.2% guidance.
- Net orders increased 3% to 3,532 for the second quarter. Net order value decreased 2% to $1.36 billion. Three of the Company's four regions posted year-over-year increases in net order value.
- Ending backlog value grew 3% to $2.24 billion, with the number of homes in backlog increasing 3% to 5,787. This was the Company's highest second quarter backlog value in 11 years.
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