KB Home (NYSE:KBH) reported its Q4 results, with EPS of $1.85 coming in better than the consensus estimate of $1.69. Revenue was $1.67 billion, above the consensus estimate of $1.62B. However, shares fell more than 2% after-hours today.
Q4 homes delivered fell 10% year-over-year to 3,407, with an average selling price of $487,300. Net orders grew 176% to 1,909, and net order value grew 157% to $932.6 million. These increases reflected improved demand and a lower cancellation rate as compared to the year-earlier quarter.
“We ended the year with solid fourth quarter results, outperforming on key financial metrics relative to our guidance, including homes delivered that exceeded our expectations, reflecting improved build times,” said CEO Jeffrey Mezger.
For fiscal 2024, the company expects Housing revenues to be in the range of $6.4-$6.8B, with average selling price in the range of $480,000 to $490,000.