KB Home reported second-quarter revenues of $1.11 billion and diluted earnings per share of $0.43. Homes delivered fell 23% to 2,395, with an average selling price of $461,900, while net income dropped to $27.3 million from $107.9 million a year earlier. The company repurchased $75.0 million of common stock during the quarter and ended with a backlog of 4,526 homes valued at $2.14 billion. For the full year, KB Home projects housing revenues between $4.90 billion and $5.30 billion and deliveries of 10,500 to 11,000 homes.
KB HomeRevenues and earnings fell sharply year-over-year, with net income dropping from $107.9M to $27.3M.