KB Home beats by $0.03, beats on revs :
- Reports Q1 (Feb) earnings of $0.14 per share, $0.03 better than the Capital IQ Consensus of $0.11; revenues rose 16.9% year/year to $678.4 mln vs the $639.01 mln Capital IQ Consensus
- Housing revenues increased 28% to $672.6 million. Deliveries rose 23% to 1,953 homes
- Average selling price increased 5% to $344,400. Land sale revenues totaled $3.1 million, compared to $53.0 million
- Housing gross profit margin improved to 16.0%, net of ~20 basis points of inventory impairment and land option contract abandonment charges. Adjusted housing gross profit margin, which excludes the amortization of previously capitalized interest and inventory-related charges, improved 120 basis points to 20.7%
- Net order value increased 9% to $824.7 million. Net orders grew 4% to 2,272.
- Ending backlog value grew 29% to $1.43 billion
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