1. KB Home reported strong Q4 2024 results:
- EPS of $2.52, beating estimates of $2.47
- Revenue of $2 billion, slightly above expectations
- Delivered 3,978 homes, up 17% year-over-year
2. 2025 Outlook:
- Housing revenue guidance of $7-7.5 billion
- Gross margin guidance of 20-21%
- Expect community count to end 2025 around 250, before growing again in early 2026
3. Market Conditions:
- Affordability constraints from rising mortgage rates impacting near-term demand
- Seeing buyer hesitancy due to rate volatility
- Expect flat year-over-year net orders for Q1 2025
4. Strategy:
- Focused on growing community count in established and newer markets
- Continuing to reduce build times, targeting 4 months
- Using mortgage concessions to support sales as needed
- Balancing reinvestment in the business with share repurchases
5. Other Notes:
- CFO Jeff Kaminski retiring
- Monitoring potential impacts from California fires, but don't expect major disruptions
- Backlog conversion rates improving due to faster cycle times
The company expressed cautious optimism about 2025, while acknowledging near-term headwinds from affordability issues. They are focused on executing their built-to-order model and growing their community count to drive future growth.
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