KB Home beats by $0.02, beats on revs after warning in November
- Reports Q4 (Nov) earnings of $0.96 per share, $0.02 better than the S&P Capital IQ Consensus of $0.94; revenues fell 3.8% year/year to $1.35 bln vs the $1.33 bln S&P Capital IQ Consensus.; adj. operating margin 9.7%
- Co lowered Q4 rev to $1310-1340 mln from $1390-1450 mln; ASP to $395-400K from $400-405K; operating margin to 9.3-9.5% from 9.3-9.7%
- Net orders for the fourth quarter decreased 12% to 2,013. Net order value declined 21% to $738.3 million. The number of homes in ending backlog totaled 4,108, compared to 4,411. Ending backlog value of $1.43 billion decreased 14%, reflecting fewer homes in backlog and the lower average selling price of those homes due to a shift in geographic mix.
- Deliveries increased slightly to 3,389 homes. Average selling price declined 5% to $395,200 due primarily to a shift in geographic mix of homes delivered.
- Adjusted housing gross profit margin, a metric that excludes inventory-related charges and the amortization of previously capitalized interest, was 22.8%, compared to 23.5%.
- Book value per share grew by $1.88 to $24.01.
- "We believe we are well positioned for 2019, with an anticipated 10% to 15% increase in our community count,"
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