KB Home Reports Preliminary 2021 Second Quarter Net Orders
May 25 2021 - 9:22AM
Business Wire
KB Home (NYSE: KBH) today reported preliminary
quarter-to-date net orders for its 2021 second quarter, in
conjunction with the Company’s planned public offering of senior
notes. Through May 21, 2021, the Company’s net orders totaled
3,961, representing an increase of 155%, compared to net orders of
1,556 for the corresponding period of 2020, during which net orders
were adversely affected by the outbreak of the COVID-19 pandemic.
The Company’s 2021 second quarter will end on May 31, 2021.
About KB Home
KB Home is one of the largest and most recognized homebuilders
in the United States and has been building quality homes for over
60 years. Today, KB Home operates in 45 markets across eight
states, serving a wide array of buyer groups. What sets us apart is
how we give our customers the ability to personalize their homes
from homesites and floor plans to cabinets and countertops, at a
price that fits their budget. We are the first builder to make
every home we build ENERGY STAR® certified. In fact, we go beyond
the EPA requirements by ensuring every ENERGY STAR certified KB
home has been tested and verified by a third-party inspector to
meet the EPA’s strict certification standards, which help to lower
the cost of ownership and to make our new homes healthier and more
comfortable than new ones without certification. We also work with
our customers every step of the way, building strong personal
relationships so they have a real partner in the homebuying
process, and the experience is as simple and easy as possible.
Learn more about how we build homes built on relationships by
visiting kbhome.com.
Forward-Looking and Cautionary Statements
Certain matters discussed in this press release, including any
statements that are predictive in nature or concern future market
and economic conditions, business and prospects, our future
financial and operational performance, or our future actions and
their expected results are “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on current expectations and
projections about future events and are not guarantees of future
performance. We do not have a specific policy or intent of updating
or revising forward-looking statements. Actual events and results
may differ materially from those expressed or forecasted in
forward-looking statements due to a number of factors. The most
important risk factors that could cause our actual performance and
future events and actions to differ materially from such
forward-looking statements include, but are not limited to the
following: general economic, employment and business conditions;
population growth, household formations and demographic trends;
conditions in the capital, credit and financial markets; our
ability to access external financing sources and raise capital
through the issuance of common stock, debt or other securities,
and/or project financing, on favorable terms; the execution of any
securities repurchases pursuant to our board of directors’
authorization; material and trade costs and availability,
particularly lumber; consumer and producer price inflation; changes
in interest rates; our debt level, including our ratio of debt to
capital, and our ability to adjust our debt level and maturity
schedule; our compliance with the terms of our revolving credit
facility; volatility in the market price of our common stock; weak
or declining consumer confidence, either generally or specifically
with respect to purchasing homes; home selling prices, including
our homes’ selling prices, increasing at a faster rate than
consumer incomes; competition from other sellers of new and resale
homes; weather events, significant natural disasters and other
climate and environmental factors; any failure of lawmakers to
agree on a budget or appropriation legislation to fund the federal
government’s operations, and financial markets’ and businesses’
reactions to any such failure; government actions, policies,
programs and regulations directed at or affecting the housing
market (including the Coronavirus Aid, Relief, and Economic
Security Act relief provisions for outstanding mortgage loans and
any extensions or broadening thereof, tax benefits associated with
purchasing and owning a home, and the standards, fees and size
limits applicable to the purchase or insuring of mortgage loans by
government-sponsored enterprises and government agencies), the
homebuilding industry, or construction activities; changes in
existing tax laws or enacted corporate income tax rates, including
those resulting from regulatory guidance and interpretations issued
with respect thereto; changes in U.S. trade policies, including the
imposition of tariffs and duties on homebuilding materials and
products, and related trade disputes with and retaliatory measures
taken by other countries; the adoption of new or amended financial
accounting standards and the guidance and/or interpretations with
respect thereto; the availability and cost of land in desirable
areas and our ability to timely develop acquired land parcels and
open new home communities; our warranty claims experience with
respect to homes previously delivered and actual warranty costs
incurred; costs and/or charges arising from regulatory compliance
requirements or from legal, arbitral or regulatory proceedings,
investigations, claims or settlements, including unfavorable
outcomes in any such matters resulting in actual or potential
monetary damage awards, penalties, fines or other direct or
indirect payments, or injunctions, consent decrees or other
voluntary or involuntary restrictions or adjustments to our
business operations or practices that are beyond our current
expectations and/or accruals; our ability to use/realize the net
deferred tax assets we have generated; our ability to successfully
implement our current and planned strategies and initiatives
related to our product, geographic and market positioning, gaining
share and scale in our served markets and in entering into new
markets; our operational and investment concentration in markets in
California; consumer interest in our new home communities and
products, particularly from first-time homebuyers and higher-income
consumers; our ability to generate orders and convert our backlog
of orders to home deliveries and revenues, particularly in key
markets in California; our ability to successfully implement our
business strategies and achieve any associated financial and
operational targets and objectives, including those discussed in
this release or in other public filings, presentations or
disclosures; income tax expense volatility associated with
stock-based compensation; the ability of our homebuyers to obtain
residential mortgage loans and mortgage banking services; the
performance of mortgage lenders to our homebuyers; the performance
of KBHS Home Loans, LLC our mortgage banking joint venture with
Stearns Ventures, LLC; information technology failures and data
security breaches; an epidemic or pandemic (such as the outbreak
and worldwide spread of COVID-19), and the control response
measures that international, federal, state and local governments,
agencies, law enforcement and/or health authorities implement to
address it, which may (as with COVID-19) precipitate or exacerbate
one or more of the above-mentioned and/or other risks, and
significantly disrupt or prevent us from operating our business in
the ordinary course for an extended period; a continuation of
widespread protests and civil unrest related to efforts to
institute law enforcement and other social and political reforms,
and the impacts of implementing or failing to implement any such
reforms; and other events outside of our control. Please see our
periodic reports and other filings with the Securities and Exchange
Commission for a further discussion of these and other risks and
uncertainties applicable to our business.
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version on businesswire.com: https://www.businesswire.com/news/home/20210525005646/en/
Jill Peters, Investor Relations Contact (310) 893-7456 or
investorrelations@kbhome.com
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