KB Home reports Q4 homes delivered up 3% y/y, average selling price up 13% y/y

In Q4, KH Home Homes delivered increased 3% to 3,786 and average selling price rose 13% to $510,400. Homebuilding operating income grew 30% to $278.2 million. The homebuilding operating income margin increased to 14.4%, compared to 12.8%. Excluding total inventory-related charges of $27.9 million for the current quarter and $.7 million for the year-earlier quarter, the homebuilding operating income margin increased 290 basis points to 15.8% as a result of improvements in both the housing gross profit margin and selling, general and administrative expense ratio.