Q1 is often the worst in the housing sector. Annualizing their results forward gives annual operating earnings of $8.08 ($2.02x4 - they are projecting $11.25), which at a current share price of about $65, gives them a conservative forward P/E of 8. Doing the same for Toll Brothers Inc. (TOL) gives them a forward P/E of 8 also ($0.98x4, and a current price around $33).
Here's a summary for the Y/Y Q1 quarterly growth for the two:
Boy, I wish all sectors that were falling apart were falling apart that well. Top line growth of about 30%, and bottom line growth of ca. 45%, with a P/E of 8 is a screaming buy, and that's just what we're likely to be doing. Unfounded rumors of a housing implosion have created some nice entry points.
KBH and TOL 1-yr. charts: