• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    KB Home Reports 2024 Fourth Quarter and Full Year Results

    1/13/25 4:10:00 PM ET
    $KBH
    Homebuilding
    Consumer Discretionary
    Get the next $KBH alert in real time by email

    Revenues Grew 19% to $2.00 Billion; Diluted Earnings Per Share Increased 36% to $2.52

    Repurchased $100.0 Million of Common Stock

    KB Home (NYSE:KBH) today reported results for its fourth quarter and year ended November 30, 2024.

    "We had a strong finish to 2024, with significant year-over-year growth in our fourth-quarter revenues and diluted earnings per share. Our higher revenues reflected an increase in deliveries, which were driven by faster build times. Net orders rose roughly 40% year over year, as buyers continued to demonstrate a desire for homeownership and housing market conditions improved relative to last year, despite ongoing mortgage interest rate headwinds," said Jeffrey Mezger, Chairman and Chief Executive Officer. "Our performance in the quarter contributed to a healthy outcome for 2024, as we generated nearly $7.0 billion in total revenues and $8.45 in diluted earnings per share. Operationally, we executed well, opening 106 new communities, significantly reducing our build times and achieving the highest level of customer satisfaction in our Company's history."

    "In 2025, we will remain focused on expanding our scale, profitability and returns. We believe we are poised for growth having invested over $2.8 billion in land acquisition and development in 2024, and we plan to increase our investment again in 2025. These investments will contribute to future community count growth and, together with our affordably priced personalized homes that our Built to Order model offers, we believe we are well positioned to meet buyer demand. In addition, as in 2024, during which we returned over $420 million to our shareholders through both repurchases and dividends, we intend to continue our balanced capital allocation approach," concluded Mezger.

    Three Months Ended November 30, 2024 (comparisons on a year-over-year basis)

    • Revenues up 19% to $2.00 billion.
    • Homes delivered increased 17% to 3,978.
    • Average selling price rose 3% to $501,000.
    • Homebuilding operating income increased 27% to $229.1 million. The homebuilding operating income margin expanded 60 basis points to 11.5%, reflecting improvements in both the housing gross profit margin and the selling, general and administrative expenses ratio. Inventory-related charges totaled $.9 million for the current quarter and $1.2 million for the year-earlier quarter.
      • The Company's housing gross profit margin increased to 20.9%, compared to 20.7%. Excluding the above-mentioned inventory-related charges, the housing gross profit margin was 20.9%, compared to 20.8%.
      • Selling, general and administrative expenses as a percentage of housing revenues improved 50 basis points to 9.4%, mainly due to increased operating leverage from higher housing revenues.
    • Financial services pretax income grew 8% to $13.1 million due to increased equity in income of the Company's mortgage banking joint venture. The mortgage banking joint venture's results reflected a greater volume of loan originations, largely due to an increase in the number of homes delivered.
    • Net income rose 27% to $190.6 million. Diluted earnings per share grew 36% to $2.52, driven by higher net income and the favorable impact of the Company's common stock repurchases.
      • The effective tax rate was 23.1%, compared to 24.7%.

    Twelve Months Ended November 30, 2024 (comparisons on a year-over-year basis)

    • Revenues increased 8% to $6.93 billion.
    • Homes delivered were up 7% to 14,169.
    • Average selling price rose slightly to $486,900.
    • Net income grew 11% to $655.0 million.
    • Diluted earnings per share increased 20% to $8.45.

    Backlog and Net Orders (comparisons on a year-over-year basis, except as noted)

    • Net orders and net order value for the quarter both increased by 41%, reaching 2,688 and $1.32 billion, respectively. Net order value grew in each of the Company's four regions, with increases ranging from 21% in the Southwest to 60% in the Central region.
      • Monthly net orders per community rose to 3.5, compared to 2.7.
      • The cancellation rate as a percentage of gross orders improved to 17% from 28%.
    • Ending backlog homes totaled 4,434, compared to 5,510. Ending backlog value was $2.24 billion, compared to $2.67 billion.
    • The Company's ending community count grew 7% to 258, and the average community count for the quarter increased 8% to 256.

    Balance Sheet as of November 30, 2024 (comparisons to November 30, 2023, except as noted)

    • The Company had total liquidity of $1.68 billion, including $598.0 million of cash and cash equivalents and $1.08 billion of available capacity under its unsecured revolving credit facility, with no cash borrowings outstanding.
    • Inventories grew by $394.4 million, or 8%, to $5.53 billion.
      • The Company's investments in land and land development for the twelve months ended November 30, 2024 increased 58% to $2.84 billion, compared to $1.80 billion for the year-earlier period.
      • The Company's lots owned or under contract grew 37% to 76,703, of which approximately 51% were owned and 49% were under contract. By comparison, approximately 73% of the Company's total lots were owned and 27% were under contract as of November 30, 2023.
    • Notes payable of $1.69 billion were approximately the same. The Company's debt to capital ratio improved 130 basis points to 29.4%, compared to 30.7%.
    • Stockholders' equity increased to $4.06 billion, compared to $3.81 billion, primarily reflecting higher net income that was partially offset by common stock repurchases and cash dividends.
      • In the 2024 fourth quarter, the Company repurchased 1,264,484 shares of its outstanding common stock at a cost of $100.0 million, bringing its total repurchases in 2024 to 4,725,181 shares at a cost of $350.0 million, or $74.07 per share. As of November 30, 2024, the Company had $700.0 million remaining under its current common stock repurchase authorization.
      • The total repurchases represented approximately 6% of the Company's outstanding common stock as of the beginning of the 2024 fiscal year.
      • Based on the Company's 72.2 million outstanding shares as of November 30, 2024, book value per share of $56.27 expanded 12%.
      • Return on equity was 16.6%, compared to 15.7%.

    Guidance

    The Company is providing the following guidance for its 2025 full year:

    • Housing revenues in the range of $7.00 billion to $7.50 billion.
    • Average selling price in the range of $488,000 to $498,000.
    • Homebuilding operating income as a percentage of revenues of approximately 10.7%, assuming no inventory-related charges.
      • Housing gross profit margin in the range of 20.0% to 21.0%, assuming no inventory-related charges.
      • Selling, general and administrative expenses as a percentage of housing revenues in the range of 9.6% to 10.0%.
    • Effective tax rate of approximately 24%.
    • Ending community count of approximately 250.

    The Company plans to also provide guidance for its 2025 first quarter on its conference call today.

    Conference Call

    The conference call to discuss the Company's 2024 fourth quarter earnings will be broadcast live TODAY at 2:00 p.m. Pacific Time, 5:00 p.m. Eastern Time. To listen, please go to the Investor Relations section of the Company's website at kbhome.com.

    About KB Home

    KB Home is one of the largest and most trusted homebuilders in the United States. We operate in 47 markets, have built over 680,000 quality homes in our more than 65-year history, and are honored to be the #1 customer-ranked national homebuilder based on third-party buyer surveys. What sets KB Home apart is building strong, personal relationships with every customer and creating an exceptional homebuying experience that offers our homebuyers the ability to personalize their home based on what they value at a price they can afford. As the industry leader in sustainability, KB Home has achieved one of the highest residential energy-efficiency ratings and delivered more ENERGY STAR® certified homes than any other builder, helping to lower the total cost of homeownership. For more information, visit kbhome.com.

    Forward-Looking and Cautionary Statements

    Certain matters discussed in this press release, including any statements that are predictive in nature or concern future market and economic conditions, business and prospects, our future financial and operational performance, or our future actions and their expected results are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and projections about future events and are not guarantees of future performance. We do not have a specific policy or intent of updating or revising forward-looking statements. If we update or revise any such statement(s), no assumption should be made that we will further update or revise that statement(s) or update or revise any other such statement(s). Actual events and results may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors. The most important risk factors that could cause our actual performance and future events and actions to differ materially from such forward-looking statements include, but are not limited to the following: general economic, employment and business conditions; population growth, household formations and demographic trends; conditions in the capital, credit and financial markets; our ability to access external financing sources and raise capital through the issuance of common stock, debt or other securities, and/or project financing, on favorable terms; the execution of any securities repurchases pursuant to our board of directors' authorization; material and trade costs and availability, including the greater costs associated with achieving current and expected higher standards for ENERGY STAR certified homes, and delays related to state and municipal construction, permitting, inspection and utility processes, which have been disrupted by key equipment shortages; consumer and producer price inflation; changes in interest rates, including those set by the Federal Reserve, which the Federal Reserve may increase to moderate inflation, as it did in 2022 and 2023, and those available in the capital markets or from financial institutions and other lenders, and applicable to mortgage loans; our debt level, including our ratio of debt to capital, and our ability to adjust our debt level and maturity schedule; our compliance with the terms of our revolving credit facility and our senior unsecured term loan; the ability and willingness of the applicable lenders and financial institutions, or any substitute or additional lenders and financial institutions, to meet their commitments or fund borrowings, extend credit or provide payment guarantees to or for us under our revolving credit facility or unsecured letter of credit facility; volatility in the market price of our common stock; home selling prices, including our homes' selling prices, being unaffordable relative to consumer incomes; weak or declining consumer confidence, either generally or specifically with respect to purchasing homes; competition from other sellers of new and resale homes; weather events, significant natural disasters and other climate and environmental factors, such as a lack of adequate water supply to permit new home communities in certain areas; any failure of lawmakers to agree on a budget or appropriation legislation to fund the federal government's operations (also known as a government shutdown), and financial markets' and businesses' reactions to any such failure; potential regulatory instability associated with the upcoming change in the U.S. presidential administrations; government actions, policies, programs and regulations directed at or affecting the housing market (including the tax benefits associated with purchasing and owning a home, and the standards, fees and size limits applicable to the purchase or insuring of mortgage loans by government-sponsored enterprises and government agencies), the homebuilding industry, or construction activities; changes in existing tax laws or enacted corporate income tax rates, including those resulting from regulatory guidance and interpretations issued with respect thereto, such as Internal Revenue Service guidance regarding heightened qualification requirements for federal tax credits for building energy-efficient homes; changes in U.S. trade policies, including the imposition of tariffs and duties on homebuilding materials and products, and related trade disputes with and retaliatory measures taken by other countries; disruptions in world and regional trade flows, economic activity and supply chains due to the military conflict and other attacks in the Middle East region and military conflict in Ukraine, including those stemming from wide-ranging sanctions the U.S. and other countries have imposed or may further impose on Russian business sectors, financial organizations, individuals and raw materials, the impact of which may, among other things, increase our operational costs, exacerbate building materials and appliance shortages and/or reduce our revenues and earnings; the adoption of new or amended financial accounting standards and the guidance and/or interpretations with respect thereto; the availability and cost of land in desirable areas and our ability to timely and efficiently develop acquired land parcels and open new home communities; impairment, land option contract abandonment or other inventory-related charges, including any stemming from decreases in the value of our land assets; our warranty claims experience with respect to homes previously delivered and actual warranty costs incurred; costs and/or charges arising from regulatory compliance requirements, including the costs to implement recent federal and state climate-related disclosure rules, or from legal, arbitral or regulatory proceedings, investigations, claims or settlements, including unfavorable outcomes in any such matters resulting in actual or potential monetary damage awards, penalties, fines or other direct or indirect payments, or injunctions, consent decrees or other voluntary or involuntary restrictions or adjustments to our business operations or practices that are beyond our current expectations and/or accruals; our ability to use/realize the net deferred tax assets we have generated; our ability to successfully implement our current and planned strategies and initiatives related to our product, geographic and market positioning, gaining share and scale in our served markets, through, among other things, our making substantial investments in land and land development, which, in some cases, involves putting significant capital over several years into large projects in one location, and in entering into new markets; our operational and investment concentration in markets in California; consumer interest in our new home communities and products, particularly from first-time homebuyers and higher-income consumers; our ability to generate orders and convert our backlog of orders to home deliveries and revenues, particularly in key markets in California; our ability to successfully implement our business strategies and achieve any associated financial and operational targets and objectives, including those discussed in this release or in any of our other public filings, presentations or disclosures; income tax expense volatility associated with stock-based compensation; the ability of our homebuyers to obtain homeowners and flood insurance policies, and/or typical or lender-required policies for other hazards or events, for their homes, which may depend on the ability and willingness of insurers or government-funded or -sponsored programs to offer coverage at an affordable price or at all; the ability of our homebuyers to obtain residential mortgage loans and mortgage banking services, which may depend on the ability and willingness of lenders and financial institutions to offer such loans and services to our homebuyers; the performance of mortgage lenders to our homebuyers; the performance of KBHS Home Loans, LLC ("KBHS"); the ability and willingness of lenders and financial institutions to extend credit facilities to KBHS to fund its originated mortgage loans; information technology failures and data security breaches; an epidemic, pandemic or significant seasonal or other disease outbreak, and the control response measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address it, which may precipitate or exacerbate one or more of the above-mentioned and/or other risks, and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period; widespread protests and/or civil unrest, whether due to political events, social movements or other reasons; and other events outside of our control. Please see our periodic reports and other filings with the Securities and Exchange Commission for a further discussion of these and other risks and uncertainties applicable to our business.

    KB HOME

    CONSOLIDATED STATEMENTS OF OPERATIONS

    For the Three Months and Twelve Months Ended November 30, 2024 and 2023

    (In Thousands, Except Per Share Amounts)

     

     

    Three Months Ended November 30,

     

    Twelve Months Ended November 30,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Total revenues

    $

    1,999,899

     

     

    $

    1,673,988

     

     

    $

    6,930,086

     

     

    $

    6,410,629

     

    Homebuilding:

     

     

     

     

     

     

     

    Revenues

    $

    1,993,050

     

     

    $

    1,665,004

     

     

    $

    6,902,239

     

     

    $

    6,381,106

     

    Costs and expenses

     

    (1,763,951

    )

     

     

    (1,484,100

    )

     

     

    (6,138,331

    )

     

     

    (5,662,369

    )

    Operating income

     

    229,099

     

     

     

    180,904

     

     

     

    763,908

     

     

     

    718,737

     

    Interest income and other

     

    2,722

     

     

     

    6,071

     

     

     

    32,101

     

     

     

    13,759

     

    Equity in income (loss) of unconsolidated joint ventures

     

    2,787

     

     

     

    469

     

     

     

    6,019

     

     

     

    (713

    )

    Homebuilding pretax income

     

    234,608

     

     

     

    187,444

     

     

     

    802,028

     

     

     

    731,783

     

    Financial services:

     

     

     

     

     

     

     

    Revenues

     

    6,849

     

     

     

    8,984

     

     

     

    27,847

     

     

     

    29,523

     

    Expenses

     

    (1,506

    )

     

     

    (1,366

    )

     

     

    (6,133

    )

     

     

    (5,726

    )

    Equity in income of unconsolidated joint venture

     

    7,754

     

     

     

    4,540

     

     

     

    27,176

     

     

     

    15,697

     

    Financial services pretax income

     

    13,097

     

     

     

    12,158

     

     

     

    48,890

     

     

     

    39,494

     

    Total pretax income

     

    247,705

     

     

     

    199,602

     

     

     

    850,918

     

     

     

    771,277

     

    Income tax expense

     

    (57,100

    )

     

     

    (49,300

    )

     

     

    (195,900

    )

     

     

    (181,100

    )

    Net income

    $

    190,605

     

     

    $

    150,302

     

     

    $

    655,018

     

     

    $

    590,177

     

    Earnings per share:

     

     

     

     

     

     

     

    Basic

    $

    2.59

     

     

    $

    1.91

     

     

    $

    8.70

     

     

    $

    7.25

     

    Diluted

    $

    2.52

     

     

    $

    1.85

     

     

    $

    8.45

     

     

    $

    7.03

     

    Weighted average shares outstanding:

     

     

     

     

     

     

     

    Basic

     

    72,983

     

     

     

    77,986

     

     

     

    74,753

     

     

     

    80,842

     

    Diluted

     

    75,114

     

     

     

    80,511

     

     

     

    76,955

     

     

     

    83,380

     

    KB HOME

    CONSOLIDATED BALANCE SHEETS

    (In Thousands)

     

     

    November 30,

    2024

     

    November 30,

    2023

    Assets

     

     

     

    Homebuilding:

     

     

     

    Cash and cash equivalents

    $

    597,973

     

    $

    727,076

    Receivables

     

    377,533

     

     

     

    366,862

     

    Inventories

     

    5,528,020

     

     

     

    5,133,646

     

    Investments in unconsolidated joint ventures

     

    67,020

     

     

     

    59,128

     

    Property and equipment, net

     

    90,359

     

     

     

    88,309

     

    Deferred tax assets, net

     

    102,421

     

     

     

    119,475

     

    Other assets

     

    105,920

     

     

     

    96,987

     

     

     

    6,869,246

     

     

     

    6,591,483

     

    Financial services

     

    66,923

     

     

     

    56,879

     

    Total assets

    $

    6,936,169

     

     

    $

    6,648,362

     

     

     

     

     

    Liabilities and stockholders' equity

     

     

     

    Homebuilding:

     

     

     

    Accounts payable

    $

    384,894

     

     

    $

    388,452

     

    Accrued expenses and other liabilities

     

    796,261

     

     

     

    758,227

     

    Notes payable

     

    1,691,679

     

     

     

    1,689,898

     

     

     

    2,872,834

     

     

     

    2,836,577

     

    Financial services

     

    2,719

     

     

     

    1,645

     

    Stockholders' equity

     

    4,060,616

     

     

     

    3,810,140

     

    Total liabilities and stockholders' equity

    $

    6,936,169

     

     

    $

    6,648,362

     

    KB HOME

    SUPPLEMENTAL INFORMATION

    For the Three Months and Twelve Months Ended November 30, 2024 and 2023

    (In Thousands, Except Average Selling Price)

     

     

     

     

     

     

     

     

     

    Three Months Ended November 30,

     

    Twelve Months Ended November 30,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Homebuilding revenues:

     

     

     

     

     

     

     

    Housing

    $

    1,993,050

     

     

    $

    1,660,354

     

     

    $

    6,898,667

     

     

    $

    6,370,421

     

    Land

     

    —

     

     

     

    4,650

     

     

     

    3,572

     

     

     

    10,685

     

    Total

    $

    1,993,050

     

     

    $

    1,665,004

     

     

    $

    6,902,239

     

     

    $

    6,381,106

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Homebuilding costs and expenses:

     

     

     

     

     

     

     

    Construction and land costs

     

     

     

     

     

     

     

    Housing

    $

    1,577,290

     

     

    $

    1,315,935

     

     

    $

    5,449,382

     

     

    $

    5,020,783

     

    Land

     

    —

     

     

     

    4,581

     

     

     

    2,101

     

     

     

    9,492

     

    Subtotal

     

    1,577,290

     

     

     

    1,320,516

     

     

     

    5,451,483

     

     

     

    5,030,275

     

    Selling, general and administrative expenses

     

    186,661

     

     

     

    163,584

     

     

     

    686,848

     

     

     

    632,094

     

    Total

    $

    1,763,951

     

     

    $

    1,484,100

     

     

    $

    6,138,331

     

     

    $

    5,662,369

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest expense:

     

     

     

     

     

     

     

    Interest incurred

    $

    25,977

     

     

    $

    26,477

     

     

    $

    105,642

     

     

    $

    107,086

     

    Interest capitalized

     

    (25,977

    )

     

     

    (26,477

    )

     

     

    (105,642

    )

     

     

    (107,086

    )

    Total

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other information:

     

     

     

     

     

     

     

    Amortization of previously capitalized interest

    $

    33,758

     

     

    $

    30,832

     

     

    $

    117,630

     

     

    $

    118,205

     

    Depreciation and amortization

     

    9,894

     

     

     

    10,283

     

     

     

    40,755

     

     

     

    39,794

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average selling price:

     

     

     

     

     

     

     

    West Coast

    $

    706,300

     

     

    $

    679,400

     

     

    $

    679,300

     

     

    $

    689,800

     

    Southwest

     

    455,600

     

     

     

    431,500

     

     

     

    453,300

     

     

     

    431,200

     

    Central

     

    355,200

     

     

     

    381,300

     

     

     

    357,800

     

     

     

    405,500

     

    Southeast

     

    412,300

     

     

     

    405,200

     

     

     

    414,600

     

     

     

    396,900

     

    Total

    $

    501,000

     

     

    $

    487,300

     

     

    $

    486,900

     

     

    $

    481,300

     

    KB HOME

    SUPPLEMENTAL INFORMATION

    For the Three Months and Twelve Months Ended November 30, 2024 and 2023

    (Dollars in Thousands)

     

     

     

     

     

     

     

     

     

    Three Months Ended November 30,

     

    Twelve Months Ended November 30,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Homes delivered:

     

     

     

     

     

     

     

    West Coast

     

    1,295

     

     

    1,045

     

     

    4,316

     

     

    3,365

    Southwest

     

    780

     

     

     

    668

     

     

     

    2,890

     

     

     

    2,699

     

    Central

     

    1,080

     

     

     

    1,011

     

     

     

    4,051

     

     

     

    4,506

     

    Southeast

     

    823

     

     

     

    683

     

     

     

    2,912

     

     

     

    2,666

     

    Total

     

    3,978

     

     

     

    3,407

     

     

     

    14,169

     

     

     

    13,236

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net orders:

     

     

     

     

     

     

     

    West Coast

     

    848

     

     

     

    561

     

     

     

    3,982

     

     

     

    3,623

     

    Southwest

     

    546

     

     

     

    471

     

     

     

    2,645

     

     

     

    2,386

     

    Central

     

    729

     

     

     

    466

     

     

     

    3,917

     

     

     

    2,784

     

    Southeast

     

    565

     

     

     

    411

     

     

     

    2,549

     

     

     

    2,291

     

    Total

     

    2,688

     

     

     

    1,909

     

     

     

    13,093

     

     

     

    11,084

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net order value:

     

     

     

     

     

     

     

    West Coast

    $

    565,965

     

     

    $

    379,128

     

     

    $

    2,780,631

     

     

    $

    2,423,459

     

    Southwest

     

    257,724

     

     

     

    212,791

     

     

     

    1,225,604

     

     

     

    1,032,334

     

    Central

     

    264,277

     

     

     

    165,058

     

     

     

    1,427,132

     

     

     

    965,994

     

    Southeast

     

    228,687

     

     

     

    175,667

     

     

     

    1,040,528

     

     

     

    924,754

     

    Total

    $

    1,316,653

     

     

    $

    932,644

     

     

    $

    6,473,895

     

     

    $

    5,346,541

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    November 30, 2024

     

    November 30, 2023

     

    Homes

     

    Value

     

    Homes

     

    Value

    Backlog data:

     

     

     

     

     

     

     

    West Coast

     

    1,211

     

     

    $

    874,364

     

     

     

    1,545

     

     

    $

    1,025,381

     

    Southwest

     

    1,134

     

     

     

    532,371

     

     

     

    1,379

     

     

     

    616,717

     

    Central

     

    1,133

     

     

     

    436,093

     

     

     

    1,267

     

     

     

    458,593

     

    Southeast

     

    956

     

     

     

    400,079

     

     

     

    1,319

     

     

     

    566,988

     

    Total

     

    4,434

     

     

    $

    2,242,907

     

     

     

    5,510

     

     

    $

    2,667,679

     

    KB HOME

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

    (In Thousands, Except Percentages)

    This press release contains, and Company management's discussion of the results presented in this press release may include, information about the Company's adjusted housing gross profit margin, which is not calculated in accordance with generally accepted accounting principles ("GAAP"). The Company believes this non-GAAP financial measure is relevant and useful to investors in understanding its operations, and may be helpful in comparing the Company with other companies in the homebuilding industry to the extent they provide similar information. However, because it is not calculated in accordance with GAAP, this non-GAAP financial measure may not be completely comparable to other companies in the homebuilding industry and, thus, should not be considered in isolation or as an alternative to operating performance and/or financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement the most directly comparable GAAP financial measure in order to provide a greater understanding of the factors and trends affecting the Company's operations.

    Adjusted Housing Gross Profit Margin

    The following table reconciles the Company's housing gross profit margin calculated in accordance with GAAP to the non-GAAP financial measure of the Company's adjusted housing gross profit margin:

     

    Three Months Ended November 30,

     

    Twelve Months Ended November 30,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Housing revenues

    $

    1,993,050

     

     

    $

    1,660,354

     

     

    $

    6,898,667

     

     

    $

    6,370,421

     

    Housing construction and land costs

     

    (1,577,290

    )

     

     

    (1,315,935

    )

     

     

    (5,449,382

    )

     

     

    (5,020,783

    )

    Housing gross profits

     

    415,760

     

     

     

    344,419

     

     

     

    1,449,285

     

     

     

    1,349,638

     

    Add: Inventory-related charges (a)

     

    912

     

     

     

    1,217

     

     

     

    4,597

     

     

     

    11,424

     

    Adjusted housing gross profits

    $

    416,672

     

     

    $

    345,636

     

     

    $

    1,453,882

     

     

    $

    1,361,062

     

    Housing gross profit margin

     

    20.9

    %

     

     

    20.7

    %

     

     

    21.0

    %

     

     

    21.2

    %

    Adjusted housing gross profit margin

     

    20.9

    %

     

     

    20.8

    %

     

     

    21.1

    %

     

     

    21.4

    %

     

    (a) Represents inventory impairment and land option contract abandonment charges associated with housing operations.

    Adjusted housing gross profit margin is a non-GAAP financial measure, which the Company calculates by dividing housing revenues less housing construction and land costs excluding housing inventory impairment and land option contract abandonment charges (as applicable) recorded during a given period, by housing revenues. The most directly comparable GAAP financial measure is housing gross profit margin. The Company believes adjusted housing gross profit margin is a relevant and useful financial measure to investors in evaluating the Company's performance as it measures the gross profits the Company generated specifically on the homes delivered during a given period. This non-GAAP financial measure isolates the impact that housing inventory impairment and land option contract abandonment charges have on housing gross profit margins, and allows investors to make comparisons with the Company's competitors that adjust housing gross profit margins in a similar manner. The Company also believes investors will find adjusted housing gross profit margin relevant and useful because it represents a profitability measure that may be compared to a prior period without regard to variability of housing inventory impairment and land option contract abandonment charges. This financial measure assists management in making strategic decisions regarding community location and product mix, product pricing and construction pace.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250113858540/en/

    For Further Information:

    Jill Peters, Investor Relations Contact

    (310) 893-7456 or [email protected]

    Cara Kane, Media Contact

    (321) 299-6844 or [email protected]

    Get the next $KBH alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $KBH

    DatePrice TargetRatingAnalyst
    3/6/2025$79.00Neutral → Buy
    Seaport Research Partners
    1/15/2025Sell → Neutral
    Seaport Research Partners
    1/10/2025$70.00 → $67.00Underperform → Sector Perform
    RBC Capital Mkts
    12/11/2024$99.00 → $85.00Overweight → Equal Weight
    Barclays
    10/7/2024$80.00 → $83.00Equal Weight → Underweight
    Wells Fargo
    9/5/2024$70.00Sector Perform → Underperform
    RBC Capital Mkts
    8/5/2024$65.00Neutral → Sell
    Seaport Research Partners
    1/11/2024Buy → Neutral
    Seaport Research Partners
    More analyst ratings

    $KBH
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • EVP & Chief Financial Officer Dillard Robert R was granted 19,354 shares (SEC Form 4)

      4 - KB HOME (0000795266) (Issuer)

      4/21/25 4:59:30 PM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • Director Weaver James C. was granted 3,724 shares, increasing direct ownership by 9% to 45,698 units (SEC Form 4)

      4 - KB HOME (0000795266) (Issuer)

      4/21/25 4:56:43 PM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • Director Kozlak Jodee A was granted 4,324 shares, increasing direct ownership by 19% to 27,328 units (SEC Form 4)

      4 - KB HOME (0000795266) (Issuer)

      4/21/25 4:53:01 PM ET
      $KBH
      Homebuilding
      Consumer Discretionary

    $KBH
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • KB Home Announces the Grand Opening of Its Newest Community in Hudson, Florida

      The Preserve at Legends Pointe offers personalized, new homes in a popular location near area beaches and state parks, priced from the $260,000s. KB Home (NYSE:KBH), one of the largest and most trusted homebuilders in the U.S., today announced the grand opening of The Preserve at Legends Pointe, a new-home community in Hudson. These new homes are designed for the way people live today, with popular features like modern kitchens overlooking large great rooms, expansive bedroom suites with walk-in closets, and lofts. The community's one- and two-story floor plans feature up to six bedrooms and three-and-a-half baths. Planned on-site amenities include a children's playground, pool, cabana and

      5/7/25 8:00:00 AM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • KB Home Announces the Grand Opening of Its Newest Community Within Entrada del Oro, a Desirable Gold Canyon Master Plan

      Entrada del Oro Classics offers personalized, new homes nestled in the beautiful foothills of the Superstition Mountains with stunning views and on-site amenities, priced from the mid $300,000s. KB Home (NYSE:KBH), one of the largest and most trusted homebuilders in the U.S., today announced the grand opening of Entrada del Oro Classics, a new community situated within a charming master plan in desirable Gold Canyon, Arizona. The new homes are designed for the way people live today, with popular features like modern kitchens overlooking large great rooms, bedroom suites with walk-in closets, and ample storage space. The one-story homes feature up to four bedrooms and two baths. The new com

      4/25/25 8:00:00 AM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • KB Home Announces a Rare Opportunity to Own a New Home in a Prime Moorpark, California Location Walking Distance to Downtown

      Beltramo Ranch offers personalized, new homes in a desirable location close to award-winning schools and outdoor recreation, priced from low $1 million. KB Home (NYSE:KBH), one of the largest and most trusted homebuilders in the U.S., today announced the grand opening of Beltramo Ranch, which offers a rare opportunity to own a new home in desirable Moorpark, California. The new homes at Beltramo Ranch are designed for the way people live today, with popular features like modern kitchens overlooking large great rooms, expansive bedroom suites with walk-in closets, and ample storage space. The community's two-story floor plans feature up to five bedrooms and three baths. Homeowners will appr

      4/25/25 8:00:00 AM ET
      $KBH
      Homebuilding
      Consumer Discretionary

    $KBH
    SEC Filings

    See more
    • KB Home filed SEC Form 8-K: Submission of Matters to a Vote of Security Holders

      8-K - KB HOME (0000795266) (Filer)

      4/18/25 4:35:08 PM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • SEC Form 10-Q filed by KB Home

      10-Q - KB HOME (0000795266) (Filer)

      4/9/25 4:19:27 PM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • KB Home filed SEC Form 8-K: Results of Operations and Financial Condition, Leadership Update, Financial Statements and Exhibits

      8-K - KB HOME (0000795266) (Filer)

      3/24/25 4:19:06 PM ET
      $KBH
      Homebuilding
      Consumer Discretionary

    $KBH
    Financials

    Live finance-specific insights

    See more
    • KB Home Declares Second Quarter 2025 Dividend

      The board of directors of KB Home (NYSE:KBH) has declared a quarterly cash dividend of $.25 per share on the Company's common stock, payable on May 22, 2025 to stockholders of record on May 8, 2025. About KB Home KB Home is one of the largest and most trusted homebuilders in the United States. We operate in 49 markets, have built nearly 700,000 quality homes in our more than 65-year history, and are honored to be the #1 customer-ranked national homebuilder based on third-party buyer surveys. What sets KB Home apart is building strong, personal relationships with every customer and creating an exceptional homebuying experience that offers our homebuyers the ability to personalize their hom

      4/17/25 4:10:00 PM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • KB Home Reports 2025 First Quarter Results

      Revenues of $1.39 Billion; Diluted Earnings Per Share of $1.49 Repurchased $50.0 Million of Common Stock KB Home (NYSE:KBH) today reported results for its first quarter ended February 28, 2025. "Consumers are working through affordability concerns and uncertainties related to macroeconomic and geopolitical issues, which are causing them to move slowly in their homebuying decisions," said Jeffrey Mezger, Chairman and Chief Executive Officer. "Demand at the start of this Spring's selling season was more muted than what we have seen historically, despite a healthy level of traffic in our communities. In mid-February, we took steps to reposition our communities to offer the most compelling v

      3/24/25 4:12:00 PM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • KB Home to Release 2025 First Quarter Earnings on March 24, 2025

      KB Home (NYSE:KBH) today announced that it will release earnings for its first quarter ended February 28, 2025 after the market closes on Monday, March 24, 2025. A live webcast of the Company's earnings conference call will be held the same day at 2:00 p.m. Pacific Time, 5:00 p.m. Eastern Time. To listen to the call, go to the Investor Relations section of the KB Home website at investor.kbhome.com and select the First Quarter Earnings Conference Call link in the Events and Presentations section. The webcast will be available for replay at the KB Home website for 30 days. About KB Home KB Home is one of the largest and most trusted homebuilders in the United States. We operate in 49 mark

      3/10/25 4:10:00 PM ET
      $KBH
      Homebuilding
      Consumer Discretionary

    $KBH
    Leadership Updates

    Live Leadership Updates

    See more

    $KBH
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • Robert R. Dillard Joins KB Home as Executive Vice President and Chief Financial Officer

      KB Home (NYSE:KBH) today announced that it has appointed Robert R. Dillard as the Company's Executive Vice President and Chief Financial Officer, effective March 31, 2025. Most recently, Mr. Dillard was the Chief Financial Officer at Sonoco Products Company (NYSE:SON), a packaging and industrial products company, with 2024 net sales of $5.3 billion. Previously, he was the President of Domtar Personal Care Europe, a division of Domtar Corporation, and the President of Stanley Hydraulics, a division of Stanley Black & Decker (NYSE:SWK). "On behalf of the entire KB Home team, we welcome Rob to the Company," said Jeffrey Mezger, Chairman and Chief Executive Officer. "Rob is a well-rounded and

      3/24/25 4:10:00 PM ET
      $KBH
      $SON
      $SWK
      Homebuilding
      Consumer Discretionary
      Containers/Packaging
      Industrial Machinery/Components
    • KB Home Reports 2020 Fourth Quarter and Full Year Results

      LOS ANGELES--(BUSINESS WIRE)--KB Home (NYSE: KBH) today reported results for its fourth quarter and year ended November 30, 2020. “We had a strong finish to this extraordinary year, particularly with the 42% year-over-year increase in our fourth quarter net orders,” said Jeffrey Mezger, Chairman, President and Chief Executive Officer. “Housing market conditions continue to be robust, as the pandemic has helped propel demand for homeownership, accentuating all the financial, health, safety and emotional benefits it offers. This fundamental shift has long been anticipated — with pent-up demographic forces, a housing supply shortage, and favorable mortgage interest rates — and COVID

      1/12/21 4:10:00 PM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • SEC Form SC 13G/A filed by KB Home (Amendment)

      SC 13G/A - KB HOME (0000795266) (Subject)

      2/12/24 11:21:35 AM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • SEC Form SC 13G/A filed by KB Home (Amendment)

      SC 13G/A - KB HOME (0000795266) (Subject)

      2/12/24 10:50:01 AM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • SEC Form SC 13G/A filed by KB Home (Amendment)

      SC 13G/A - KB HOME (0000795266) (Subject)

      2/9/24 9:16:05 AM ET
      $KBH
      Homebuilding
      Consumer Discretionary

    $KBH
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • KB Home upgraded by Seaport Research Partners with a new price target

      Seaport Research Partners upgraded KB Home from Neutral to Buy and set a new price target of $79.00

      3/6/25 7:26:14 AM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • KB Home upgraded by Seaport Research Partners

      Seaport Research Partners upgraded KB Home from Sell to Neutral

      1/15/25 7:37:38 AM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • KB Home upgraded by RBC Capital Mkts with a new price target

      RBC Capital Mkts upgraded KB Home from Underperform to Sector Perform and set a new price target of $67.00 from $70.00 previously

      1/10/25 8:25:49 AM ET
      $KBH
      Homebuilding
      Consumer Discretionary