KB Home Reports 2024 Third Quarter Results

Rhea-AI Summary

KB Home (NYSE: KBH) reported strong results for its third quarter ended August 31, 2024. Revenues increased 10% to $1.75 billion, with homes delivered up 8% to 3,631. Diluted earnings per share grew 13% to $2.04, driven by higher net income and the impact of stock repurchases. The company experienced variability in demand across the quarter, with softening in late June through July due to elevated mortgage rates and economic concerns. However, demand improved in August as rates moderated.

KB Home continued to balance growth investments with shareholder returns, increasing land acquisition and development investment by over 50% year-over-year to nearly $850 million, while also repurchasing $150 million of common stock. The company's backlog value stood at $2.92 billion, with 5,724 homes. KB Home maintained a strong liquidity position of $1.46 billion and improved its debt to capital ratio to 29.8%.

Positive

• Revenues increased 10% to $1.75 billion
• Diluted earnings per share grew 13% to $2.04
• Homes delivered increased 8% to 3,631
• Average selling price rose 3% to $480,900
• Homebuilding operating income increased 5% to $189.0 million
• Financial services pretax income grew 11% to $11.0 million
• Ending community count grew 10% to 254
• Debt to capital ratio improved 90 basis points to 29.8%
• Book value per share expanded 13% year over year to $54.37

Negative

• Homebuilding operating income margin decreased to 10.8% from 11.3%
• Housing gross profit margin decreased to 20.6% from 21.5%
• Net orders were flat year-over-year at 3,085
• Ending backlog homes decreased to 5,724 from 7,008
• Ending backlog value decreased to $2.92 billion from $3.40 billion

Insights

Financial Analyst

KB Home's Q3 2024 results show solid performance with 10% revenue growth to $1.75 billion and a 13% increase in diluted EPS to $2.04. The company delivered 8% more homes at 3,631 units, with a 3% rise in average selling price to $480,900.

Key financial highlights include:

• Homebuilding operating income up 5% to $189.0 million
• Housing gross profit margin at 20.6%, down from 21.5% last year
• SG&A expenses improved to 9.8% of housing revenues
• Net income increased 5% to $157.3 million

The company's focus on capital allocation is evident, with $150 million in stock repurchases this quarter and $250 million year-to-date. KB Home maintains a strong liquidity position of $1.46 billion and has improved its debt-to-capital ratio to 29.8%. The full-year guidance suggests continued growth, with housing revenues projected between $6.85 billion and $6.95 billion.

Real Estate Market Analyst

KB Home's Q3 results reflect resilience in a challenging market environment. The company reported flat net orders year-over-year at 3,085, with a 2% increase in net order value to $1.54 billion. This suggests stable demand despite market headwinds.

Notable market indicators include:

• Improved cancellation rate of 15%, down from 21% last year
• 10% growth in ending community count to 254
• 24% increase in lots owned or under contract to 69,279

The company's strategic land investments, up 59% to $2.10 billion for the first nine months, position KB Home for future growth. However, the 18% decrease in backlog homes to 5,724 units suggests potential challenges ahead. The company's ability to navigate interest rate fluctuations and economic concerns will be important for maintaining momentum in the coming quarters.

Revenues Increased 10% to $1.75 Billion; Diluted Earnings Per Share Up 13% to $2.04

Repurchased $150.0 Million of Common Stock

LOS ANGELES--(BUSINESS WIRE)-- KB Home (NYSE: KBH) today reported results for its third quarter ended August 31, 2024.

“In the third quarter, we achieved strong year-over-year growth in both revenues and diluted earnings per share,” said Jeffrey Mezger, Chairman and Chief Executive Officer. “Net orders were flat with the year ago quarter. We experienced variability in demand across the quarter, with softening in late June through July, as buyers continued to evaluate elevated mortgage interest rates, and general economic concerns were rising. As rates moderated in August, our net orders improved. We are encouraged by this strengthening in demand for our affordably priced personalized homes, and the ongoing positive trend we are experiencing so far in our 2024 fourth quarter.”

“While we navigate current market dynamics, we continue to position our Company to accomplish our longer-term objectives of profitably expanding our scale and driving higher returns. At the same time, we are maintaining a balanced approach in redeploying our cash toward reinvesting in our growth and returning capital to our stockholders. In the third quarter, we increased our investment in land acquisition and development by more than 50% year over year, to nearly $850 million, while also repurchasing $150 million of our common stock. Over the first nine months of fiscal 2024, we have repurchased approximately 5% of our shares that were outstanding at the start of the year,” concluded Mezger.

Three Months Ended August 31, 2024 (comparisons on a year-over-year basis)

• Revenues grew 10% to $1.75 billion.
• Homes delivered increased 8% to 3,631.
• Average selling price rose 3% to $480,900.
• Homebuilding operating income increased 5% to $189.0 million. The homebuilding operating income margin was 10.8%, compared to 11.3%. Excluding total inventory-related charges of $1.2 million for the current quarter and $.6 million for the year-earlier quarter, the homebuilding operating income margin was 10.9%, compared to 11.4%.
  • The housing gross profit margin was 20.6%, compared to 21.5%. Excluding the above-mentioned inventory-related charges, the housing gross profit margin was 20.7%, compared to 21.5%. These decreases were mainly due to product and geographic mix.
  • Selling, general and administrative expenses as a percentage of housing revenues were 9.8%, compared to 10.2%, primarily reflecting increased operating leverage from higher housing revenues.
• Financial services pretax income grew 11% to $11.0 million, mainly due to increased equity in income of the Company’s mortgage banking joint venture. This reflected a higher volume of both loan originations and interest rate locks, as 88% of the buyers financing their home purchases in the current quarter used the joint venture, up from 84%.
• Net income rose 5% to $157.3 million. Diluted earnings per share grew 13% to $2.04, driven by higher net income and the favorable impact of the Company’s common stock repurchases over the past several quarters.
  • The effective tax rate was 24.2%, compared to 22.9%.

Nine Months Ended August 31, 2024 (comparisons on a year-over-year basis)

• Revenues increased 4% to $4.93 billion.
• Homes delivered were up 4% to 10,191.
• Average selling price was $481,400, compared to $479,200.
• Net income grew 6% to $464.4 million.
• Diluted earnings per share increased 15% to $5.94.

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

• Net orders for the quarter were essentially the same at 3,085. Net order value increased 2% to $1.54 billion, reflecting a higher average selling price of net orders.
  • Monthly net orders per community were 4.1, compared to 4.3.
  • The cancellation rate as a percentage of gross orders improved to 15% from 21%.
• Ending backlog homes totaled 5,724, compared to 7,008. Ending backlog value was $2.92 billion, compared to $3.40 billion.
• The Company’s ending community count grew 10% to 254, and the average community count for the quarter increased 5% to 251. On a sequential basis, the ending community count was up 3%.

Balance Sheet as of August 31, 2024 (comparisons to November 30, 2023, except as noted)

• The Company had total liquidity of $1.46 billion, including $374.9 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 $515.3 million, or 10%, to $5.65 billion.
  • The Company’s investments in land and land development for the nine months ended August 31, 2024 increased 59% to $2.10 billion, compared to $1.32 billion for the year-earlier period.
  • The Company’s lots owned or under contract grew 24% to 69,279, of which approximately 58% were owned and 42% 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 90 basis points to 29.8%, compared to 30.7%.
• Stockholders’ equity increased to $3.99 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 third quarter, the Company repurchased 1,869,292 shares of its outstanding common stock at a cost of $150.0 million, bringing its total repurchases in 2024 to 3,460,697 shares at a cost of $250.0 million, or $72.24 per share. The total repurchases represented approximately 5% of the Company’s outstanding common stock as of the beginning of the current fiscal year. As of August 31, 2024, the Company had $800.0 million remaining under its current common stock repurchase authorization.
  • Based on the Company’s 73.3 million outstanding shares as of August 31, 2024, book value per share of $54.37 expanded 13% year over year.

Guidance

The Company is providing the following guidance for its 2024 full year:

• Housing revenues in the range of $6.85 billion to $6.95 billion.
• Average selling price of approximately $490,000.
• Homebuilding operating income as a percentage of revenues in the range of 11.1% to 11.2%, assuming no inventory-related charges.
  • Housing gross profit margin in the range of 21.1% to 21.2%, assuming no inventory-related charges.
  • Selling, general and administrative expenses as a percentage of housing revenues of approximately 10.0%.
• Effective tax rate of approximately 23%.
• Ending community count in the range of 250 to 255.

The Company plans to also provide guidance for its 2024 fourth quarter on its conference call today.

Conference Call

The conference call to discuss the Company’s 2024 third 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 has increased sharply over the past two years and may further increase to moderate inflation, 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; 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 Nine Months Ended August 31, 2024 and 2023
(In Thousands, Except Per Share Amounts – Unaudited)
	Three Months Ended August 31,								Nine Months Ended August 31,
		2024				2023				2024				2023
Total revenues	$	1,752,608			$	1,587,011			$	4,930,187			$	4,736,641
Homebuilding:
Revenues	$	1,745,979			$	1,579,719			$	4,909,189			$	4,716,102
Costs and expenses		(1,557,029	)			(1,400,477	)			(4,374,380	)			(4,178,269	)
Operating income		188,950				179,242				534,809				537,833
Interest income and other		4,073				5,492				29,379				7,688
Equity in income (loss) of unconsolidated joint ventures		3,453				(112	)			3,232				(1,182	)
Homebuilding pretax income		196,476				184,622				567,420				544,339
Financial services:
Revenues		6,629				7,292				20,998				20,539
Expenses		(1,608	)			(1,530	)			(4,627	)			(4,360	)
Equity in income of unconsolidated joint venture		5,932				4,149				19,422				11,157
Financial services pretax income		10,953				9,911				35,793				27,336
Total pretax income		207,429				194,533				603,213				571,675
Income tax expense		(50,100	)			(44,600	)			(138,800	)			(131,800	)
Net income	$	157,329			$	149,933			$	464,413			$	439,875
Earnings per share:
Basic	$	2.10			$	1.86			$	6.12			$	5.34
Diluted	$	2.04			$	1.80			$	5.94			$	5.18
Weighted average shares outstanding:
Basic		74,476				80,175				75,339				81,790
Diluted		76,630				82,732				77,565				84,332

KB HOME
CONSOLIDATED BALANCE SHEETS
(In Thousands – Unaudited)
	August 31, 2024				November 30, 2023
Assets
Homebuilding:
Cash and cash equivalents	$	374,911			$	727,076
Receivables		373,536				366,862
Inventories		5,648,930				5,133,646
Investments in unconsolidated joint ventures		62,984				59,128
Property and equipment, net		89,290				88,309
Deferred tax assets, net		113,775				119,475
Other assets		113,675				96,987
		6,777,101				6,591,483
Financial services		62,779				56,879
Total assets	$	6,839,880			$	6,648,362
Liabilities and stockholders’ equity
Homebuilding:
Accounts payable	$	401,768			$	388,452
Accrued expenses and other liabilities		757,928				758,227
Notes payable		1,691,060				1,689,898
		2,850,756				2,836,577
Financial services		2,030				1,645
Stockholders’ equity		3,987,094				3,810,140
Total liabilities and stockholders’ equity	$	6,839,880			$	6,648,362

KB HOME
SUPPLEMENTAL INFORMATION
For the Three Months and Nine Months Ended August 31, 2024 and 2023
(In Thousands, Except Average Selling Price – Unaudited)
	Three Months Ended August 31,								Nine Months Ended August 31,
		2024				2023				2024				2023
Homebuilding revenues:
Housing	$	1,745,979			$	1,573,684			$	4,905,617			$	4,710,067
Land		—				6,035				3,572				6,035
Total	$	1,745,979			$	1,579,719			$	4,909,189			$	4,716,102
Homebuilding costs and expenses:
Construction and land costs
Housing	$	1,385,563			$	1,235,469			$	3,872,092			$	3,704,848
Land		—				4,911				2,101				4,911
Subtotal		1,385,563				1,240,380				3,874,193				3,709,759
Selling, general and administrative expenses		171,466				160,097				500,187				468,510
Total	$	1,557,029			$	1,400,477			$	4,374,380			$	4,178,269
Interest expense:
Interest incurred	$	26,583			$	26,810			$	79,665			$	80,609
Interest capitalized		(26,583	)			(26,810	)			(79,665	)			(80,609	)
Total	$	—			$	—			$	—			$	—
Other information:
Amortization of previously capitalized interest	$	28,180			$	29,305			$	83,872			$	87,373
Depreciation and amortization		10,289				10,078				30,861				29,511
Average selling price:
West Coast	$	661,400			$	692,400			$	667,600			$	694,500
Southwest		459,300				418,800				452,400				431,100
Central		347,500				402,700				358,800				412,500
Southeast		412,200				389,200				415,600				394,100
Total	$	480,900			$	466,300			$	481,400			$	479,200

KB HOME
SUPPLEMENTAL INFORMATION
For the Three Months and Nine Months Ended August 31, 2024 and 2023
(Dollars in Thousands – Unaudited)
	Three Months Ended August 31,								Nine Months Ended August 31,
		2024				2023				2024				2023
Homes delivered:
West Coast		1,150				732				3,021				2,320
Southwest		681				717				2,110				2,031
Central		1,073				1,258				2,971				3,495
Southeast		727				668				2,089				1,983
Total		3,631				3,375				10,191				9,829
Net orders:
West Coast		958				906				3,134				3,062
Southwest		616				656				2,099				1,915
Central		871				865				3,188				2,318
Southeast		640				670				1,984				1,880
Total		3,085				3,097				10,405				9,175
Net order value:
West Coast	$	678,783			$	638,643			$	2,214,666			$	2,044,331
Southwest		290,229				296,811				967,880				819,543
Central		313,108				296,255				1,162,855				800,936
Southeast		261,028				280,671				811,841				749,087
Total	$	1,543,148			$	1,512,380			$	5,157,242			$	4,413,897
	August 31, 2024								August 31, 2023
	Homes				Value				Homes				Value
Backlog data:
West Coast		1,658			$	1,223,121				2,029			$	1,356,175
Southwest		1,368				629,995				1,576				692,175
Central		1,484				555,474				1,812				678,994
Southeast		1,214				510,714				1,591				668,045
Total		5,724			$	2,919,304				7,008			$	3,395,389

KB HOME
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In Thousands, Except Percentages – Unaudited)

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 August 31,								Nine Months Ended August 31,
		2024				2023				2024				2023
Housing revenues	$	1,745,979			$	1,573,684			$	4,905,617			$	4,710,067
Housing construction and land costs		(1,385,563	)			(1,235,469	)			(3,872,092	)			(3,704,848	)
Housing gross profits		360,416				338,215				1,033,525				1,005,219
Add: Inventory-related charges (a)		1,177				631				3,685				10,207
Adjusted housing gross profits	$	361,593			$	338,846			$	1,037,210			$	1,015,426
Housing gross profit margin		20.6	%			21.5	%			21.1	%			21.3	%
Adjusted housing gross profit margin		20.7	%			21.5	%			21.1	%			21.6	%
(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/20240924731601/en/

Jill Peters, Investor Relations Contact

(310) 893-7456 or jpeters@kbhome.com

Cara Kane, Media Contact

(321) 299-6844 or ckane@kbhome.com

Source: KB Home

FAQ

What were KB Home's (KBH) revenue and earnings results for Q3 2024?

KB Home reported revenues of $1.75 billion, a 10% increase, and diluted earnings per share of $2.04, a 13% growth, for the third quarter of 2024.

How many homes did KB Home (KBH) deliver in Q3 2024?

KB Home delivered 3,631 homes in the third quarter of 2024, an 8% increase compared to the same period last year.

What was KB Home's (KBH) average selling price for homes in Q3 2024?

The average selling price for KB Home's properties rose 3% to $480,900 in the third quarter of 2024.

How much stock did KB Home (KBH) repurchase in Q3 2024?

KB Home repurchased 1,869,292 shares of its outstanding common stock at a cost of $150.0 million in the third quarter of 2024.

What is KB Home's (KBH) guidance for full-year 2024 housing revenues?

KB Home provided guidance for full-year 2024 housing revenues in the range of $6.85 billion to $6.95 billion.