KB Home (KBH, $28.35) beats Q2 earnings...

Abhoy Sarkar

published in Blogs

Jun 23, 2022

KB Home (KBH, $28.35) beats Q2 earnings expectations

KB Home posted second quarter earnings that surpassed analysts’ expectations.

The homebuilding company’s earnings for the quarter came in at $2.32 a share, handily topping the $2.04 expected by analysts polled by FactSet. Earnings per share were +55% higher than the year-ago quarter.

Revenue rose +19% from the year-ago quarter to $1.72 billion, also exceeded consensus expectations of $1.65 billion (based on FactSet poll).

While the number of homes delivered of 3,469 units was flat compared to the year-ago quarter, the average selling price rose +21% to $494,300.

Net orders fell -9% from the prior-year quarter to 3,914 homes. However, the value of net orders climbed +4% to $2.12 billion.

The company’s housing gross margin widened by +390 basis points (bps) year over year to 25.3%, on the back of strength in pricing due to strong housing demand couple with limited supply of available homes for sale and the lower amortization of previously-capitalized interest. This was partially offset by increased construction costs and higher expenses made towards current operations and expected growth.

Looking ahead, the company now projects housing revenues in the range of $7.30-$7.50 billion for fiscal 2022, narrower than the previous forecast range of $7.20-$7.60 billion. It expects average selling price of homes to be $500,000. Homebuilding operating margin (assuming no inventory-related charges) is predicted to improve 16-16.6%.

Related Tickers: KBH

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published in Blogs

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