KB Home First Quarter 2013 Numbers
($12.6 M) +72.8%
Behind the Numbers:KB Home’s numbers kept improving in its first quarter, but the company still lost money. It closed and took orders for significantly more homes than it did in the same quarter last year, and average selling price grew on an annual basis as well, by $52,300, to its highest price since 2006. Still, that did not translate to a profit for the quarter. However, KB ended the quarter with its backlog value up 53% over the same time last year, offering the potential for significant improvement next quarter. The company raised $330 million from selling notes and stock and moved money into land buys. It invested nearly $350 million in land and land development in the quarter, three times what it spent during the first quarter of last year.
KB Home's fiscal year ends Nov. 30.