(Boursier.com) — KB Home, the American real estate developer, published adjusted earnings per share of $1.85 for its fourth quarter, compared to a consensus of $1.69 and a level of $2.47 a year earlier. Revenues totaled $1.67 billion in the quarter ended in November, beating consensus by 4%, while they stood at $1.94 billion for the comparable period last year. Thus, the group shows a drop in revenues, while the average selling price fell to $487,300 compared to $510,400 a year before. Nevertheless, housing deliveries, numbering 3,407, exceed expectations, and the group anticipates a recovery in demand.
Net orders for the fourth quarter increased by…176% to 1,909, and net order value increased by 157% to $932.6 million! These increases reflect improved demand and a lower cancellation rate compared to the prior year quarter. Gross orders for the quarter increased 23% to 2,667, and the cancellation rate as a percentage of gross orders improved to 28%, from 68%. The number of housing units in the final order book stands at 5,510, compared to 7,662.
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