Fri, Jul 5, 8:20 PM (64 days ago)
KB Home's Q2 2024 report reflects a solid performance with total revenues of $1.71 billion, a slight decrease from $1.77 billion in Q2 2023. Net income improved to $168.4 million from $164.4 million, and diluted EPS rose to $2.15 from $1.94. The company saw a 2% increase in net orders and a 7% rise in net order value to $2.03 billion. Despite a 4% drop in home deliveries, the average selling price increased slightly to $483,000. The housing gross profit margin remained flat at 21.1%, while SG&A expenses rose to 10.1% of housing revenues from 9.6%. KB Home ended the quarter with $643.5 million in cash and $1.08 billion available under its credit facility, maintaining a strong liquidity position. The company repurchased 1.59 million shares for $100 million and increased its quarterly dividend by 25% to $0.25 per share. Looking ahead, KB Home expects Q3 housing revenues between $1.65 billion and $1.75 billion and aims for a full-year range of $6.70 billion to $6.90 billion.