KB Home Reports Q1 Beat, Shares Up 2%

Shares of KB Home (NYSE:KBH) rose more than 2% pre-market today following the company's Q1 results announcement. The company reported EPS of $1.45, surpassing the Street estimate of $1.15. Additionally, the company's revenue of $1.38 billion, which remained relatively stable year-over-year, exceeded the Street estimate of $1.31 billion. The number of homes delivered decreased by 3% year-over-year to 2,788, but the average selling price rose by 2% to $494,500.

The company also provided its full-year 2023 outlook, expecting housing revenues between $5.20 billion and $5.90 billion, with an average selling price range of $480,000 to $490,000. Moreover, the company announced a new authorization to repurchase up to $500 million of its common stock, replacing a prior authorization with $75 million remaining.