- Oops!Something went wrong.Please try again later.
Yahoo Finance's Jared Blikre breaks down stock gains for KB Homes after positing its Q2 earnings beat.
- We want to get to some breaking earnings and news. Now KB Home is out with its most recent report shares, popping here after hours, up just around 3%. Jared has the numbers for us. Jared.
- Right. Bids on most of the numbers here. So on the top and bottom lines, we have EPS. This is the top-- excuse me, this is bottom line number. EPS for the second quarter coming at $2.32 versus the expectation of $2.02, up from $1.50 a year ago. Revenue coming in at $1.72 billion, up 19%, year over year. Estimate was for a bit lower, at $1.65 billion.
Also beat on deliveries, 3,469 units, down slightly 1% year over year but beating the estimate of 33.96. Net orders, that was a little bit of a disappointment coming at 3,914, versus the estimate of 4,078. Backlog, working that down a little bit coming in at 12,331 units. That is up 23% year over year, but that is less than the estimate of 12,568.
And that dollar figure for the backlog that comes in at $6.12 billion, up 43% and the estimate was for $6.25 billion. Now the average selling price is $0.49 million, that is $490,000. That just meets the Wall Street estimate, let me tell you, that is a lot of money for a non-luxury home. Adjusted housing gross margin that came in at 25.3%, versus 24.2% year over year, and I have a quote here from the chief executive officer Jeffrey Metzger, saying we delivered strong results in the second quarter, generating significant year over year growth in revenues operating income and diluted earnings per share.
And this is a company that has seen its stock price very, very depressed year to date it's down something like, let me see, 41%. So we'll see if this is some incrementally good news for KB Homes, guys.
- Well certainly being at least rewarded there after the bail by a few percent there. Big thank you there, Jared.