Q4 revenue of $1.35B, exceeds consensus estimate of $1.34B; compares with $1.40B in year-ago quarter.
The company "took a balanced approach in allocating the substantial cash flow we generated toward supporting our future growth, reducing our debt, and returning capital to stockholders through repurchases of our common stock," says Chairman, President and CEO Jeffrey Mezger.
Q4 average selling price declines 5% to $395,200, primarily due to a shift in geographic mix of homes delivered.
Q4 net orders fell 12% to 2,013; net order value declined 21% to $738.3M Y/Y.
Q4 cancellation rate flat at 28%.
Housing gross profit 18.1%, unchanged from year-ago quarter; adjusted housing gross profit of 22.8% slips from 23.5% a year ago.
Book value per share rises to $24.01, up $1.88 from a year ago.
Looking at 2019: Sees community count increase of 10%-15%.
Conference call at 5:00PM ET.
Previously: KB Home beats by $0.03, beats on revenue (Jan. 9)
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