KB Home (KBH) on the move after earnings beat, margin comments
- FQ1 (ended Feb. 28) deliveries of 1,593 homes up 10% from a year ago, with ASP of $329.5K vs. $305.2K. All regions reported higher ASPs, except for Southwest which fell 4%.
- Housing gross profit margin of 15.1% down 260 basis points, thanks to higher land and construction costs. Company expects sequential improvement in each of 2015's remaining quarters.
- Backlogs of 3,505 homes up 22%; backlog dollar value of $1.11B up 30%.
- Net orders of 2,189 up 24%; dollar value of $753.2M up 25%.
- Average community count of 231 up 22%.
- Earnings call at 11:30 ET
- Previously: KB Home beats by $0.06, beats on revenue (March 20)
- KBH +4.8% premarket
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