KB Home (KBH, $27.21) tops Q3 earnings...

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Sep 24, 2022

KB Home (KBH, $27.21) tops Q3 earnings estimates

KB Home reported third quarter adjusted earnings of $2.86 per share, which surpassed the consensus estimate of $2.69 (according to Zacks Equity Research). The figure implies a +79% surge from than the year-ago quarter, on the back of solid revenues and margin growth.

Revenues for the quarter climbed +26% from the year-ago quarter to $1.845 billion, missing the consensus estimate of $1.86 billion.

The homebuilding segment’s revenues increased +25.8% year-over-year to $1.84 billion. The number of homes delivered rose +5.5% from the year-ago quarter to 3,615 units, while the average selling price climbed +19% to $508,700. Net orders fell -50.1% year-over-year to 2,040 homes, amidst lower demand due to higher mortgage rates, inflation, and other macroeconomic and geopolitical challenges.

Revenues from the Financial Services segment were up +15.4% year over year to $6 million. Pretax income was down -51.1% from a year ago, reflecting a significant decline in the equity in income of its mortgage banking joint venture, KBHS Home Loans, LLC.

For the fiscal fourth quarter, KB Home expects housing revenues in the range of $1.95-$2.05 billion, vs. $1.67 billion in the year-ago quarter. The company predicts Average Selling Price to be $503,000, and expects homebuilding operating margin (assuming no inventory-related charges) to be around 16.7% (vs. the year ago figure of 12.9%).

KB Home expects housing gross margin (assuming no inventory-related charges) in the range of 25-26%, compared to 22.4% reported a year ago.

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