KB Home Misses Q1 Targets, Shifts to Built-to-Order Model
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Show Notes
KB Homes Q1 earnings missed expectations, with revenue down 22.6% and earnings per share at $0.52. Management attributes this to softer net orders and affordability issues due to high mortgage rates and global uncertainty. Theyre pivoting to built-to-order model to reduce cancellations and secure buyers. Analysts questioned margin recovery and cash flow adjustments, but CFO expects second-half gains from built-to-order deliveries, seasonal boosts, and pricier homes in Northern California. Backlog is down 23% year over year, and market cap is around $3.15 billion. Stock price is down to $50.49 from $52.94 pre-earnings. Despite affordability challenges, KB Home is banking on built-to-order strategy to stabilize operations.
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