KB Home Q2 income grew 62%
Revenues grew 19% to $1.72 billion.
Homes delivered were essentially even at 3,469.
Average selling price rose 21% to $494,300.
Homebuilding operating income grew 62% to $264.5 million. The homebuilding operating income margin increased 410 basis points to 15.4% as a result of improvements in both the housing gross profit margin and selling, general and administrative expense ratio.
“We delivered strong results in the second quarter, generating significant year-over-year growth in revenues, operating income and diluted earnings per share,” said Jeffrey Mezger, Chairman, President and Chief Executive Officer.
“With our ending backlog of over $6 billion, we are reaffirming our fiscal 2022 guidance, which we believe we are well positioned to achieve.” ■