- FQ2 (ending May 31) deliveries of 1,787 homes up 2% Y/Y. ASP of $338.5K up 6%, led by the West Coast, Central and Southeast regions; Southwest prices flat.
- Housing gross profit margin of 16% down 290 basis points from a year ago, thanks to higher land and construction costs and increased pricing pressure in certain markets, among others.
- Backlogs up 57% to $1.61B in dollar terms, up 39% to 4,733 homes.
- Net orders up 33% to 3,015 homes, up 38% in dollar terms to $1.05B. Cancellation rate as a percentage of gross orders of 22% vs. 28%.
- Average community count of 248 vs. 191 a year ago.
- Earnings call at 11:30 ET.
- Previously: KB Home beats by $0.02, beats on revenue (June 19)
- KBH +2.5% premarket