“KB Home (KBH), one of the nation’s largest and most recognized homebuilders, today reported results for its first quarter ended February 28, 2013. Highlights and developments include the following:
Three Months Ended February 28, 2013
- Revenues increased 59% to $405.2 million from $254.6 million for the first quarter of 2012 as a result of an increase in the number of homes delivered and a higher average selling price. Compared to the year-earlier quarter, revenues were up across all of the Company’s homebuilding regions.
- The Company delivered 1,485 homes, up 29% from the first quarter of 2012, reflecting increases in three of its four homebuilding regions.
- The overall average selling price of $271,300 was $52,300, or 24%, higher than the year-earlier quarter, marking the Company’s 11th consecutive quarter of year-over-year improvement, and its highest first-quarter average selling price since 2006.
- The higher average selling price in the current quarter reflected, among other things, the Company’s ongoing strategy of repositioning its operations to serve its core first-time and first move-up homebuyers in higher-performing choice locations in land-constrained growth markets that feature higher household incomes and greater demand for larger homes and more design options, as well as generally rising home prices….”
