KB Home Q4 revenues of $1.19 billion increased 21%
Total revenues of $1.19 billion increased 21%, with housing revenues also up 21%. Deliveries grew 19% to 3,060 homes, with increases in each of the Company's four regions. Average selling price increased 2% to $387,400. Housing gross profit margin decreased 70 basis points to 16.5%.
Selling, general and administrative expenses improved 80 basis points to 9.2% of housing revenues, the lowest fourth-quarter ratio in the Company's history.
Homebuilding operating income decreased 20% to $56.0 million, reflecting total inventory-related charges of $36.1 million, compared to $5.1 million.
Financial services posted a loss of $.7 million, primarily due to the wind-down of Home Community Mortgage, LLC, the Company's mortgage banking joint venture with Nationstar Mortgage LLC.
Pretax income decreased 21% to $55.0 million. Excluding total inventory-related charges, pretax income increased 21% to $91.1 million.
Income tax expense of $17.5 million was favorably impacted by $4.8 million of federal energy tax credits earned from building energy-efficient homes, and represented an effective tax rate of 31.8%. Net income totaled $37.5 million, or $.40 per diluted share.
Total revenues increased 19% to $3.59 billion. Housing revenues grew 23% to $3.58 billion. Deliveries rose 20% to 9,829 homes.
Average selling price increased 3% to $363,800. Homebuilding operating income rose 10% to $152.4 million. ■
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