KB Home Set to Publish First Quarter 2024 Earnings Results
New High
Last week, the Los Angeles-headquartered company’s stock moved above the $70 mark, which is the highest in nearly two decades. With an impressive 100% growth in a year, KBH was one of the best-performing stocks last year. It has maintained a steady uptrend so far this year, and the trend is continuing ahead of the earnings.
Outlook
Earlier, the KB Home leadership provided a positive outlook for the first quarter, citing a sequential increase in new orders in the early weeks of the year. It looks like the company had a good start to the new fiscal year, thanks to the general improvement in market conditions and easing mortgage rates. That, combined with the management's targeted sales strategies, should enable the company to stay resilient this year.
Q4 Outcome
The company ended fiscal 2023 on a mixed note reporting a decline in Q4 revenue and profit which, however, topped Wall Street’s expectations. Net income and earnings per share decreased in double digits to $150.3 million and $1.85 per share, respectively, in the November quarter. The weak bottom-line performance reflected a 14% fall in revenues to $1.67 billion amid lower home deliveries. Meanwhile, all key Q4 metrics came in above the higher end of the company’s guidance.
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