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KB Home (KBH-1.82%) has submitted its Form 10-K filing for the fiscal year ended November 30, 2024.
The filing reports total revenues of $6.93 billion, an 8% increase from the previous year. Homebuilding revenues accounted for $6.90 billion of this total, with financial services contributing $27.8 million.
Net income for the year was $655 million, up from $590.2 million in 2023. Basic earnings per share increased to $8.70 from $7.25 in the prior year.
KB Home's housing gross profit margin was 21.0%, slightly down from 21.2% in 2023. The company delivered 14,169 homes in 2024, compared to 13,236 homes in the previous year.
The average selling price of homes delivered was $486,900, up from $481,300 in 2023.
The company reported a backlog of 4,434 homes, valued at $2.24 billion, a decrease from 5,510 homes valued at $2.67 billion in 2023.
KB Home ended the year with $598 million in cash and cash equivalents, and $1.08 billion available under its credit facility.
The company repurchased approximately 4.7 million shares of its common stock for $350 million during the year.
KB Home's board of directors increased the quarterly cash dividend on its common stock by 25% to $0.25 per share during the second quarter of 2024.
The company plans to continue investing in land and land development in 2025 to support future growth, with a focus on maintaining a balanced approach to capital allocation.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the KB Home annual 10-K report dated January 24, 2025. To report an error, please email earnings@qz.com.