12-19-13 8:30 AM EST | Email Article

KB Home (NYSE:KBH), one of the nation’s largest and most recognized homebuilders, today reported results for its fourth quarter and fiscal year ended November 30, 2013. Highlights and developments include the following:

Three Months Ended November 30, 2013

  • Total revenues rose 7% to $618.5 million from $578.2 million for the year-earlier quarter, as double-digit increases in each of the Company’s Southwest, Central and Southeast homebuilding regions were partly offset by a decrease in its West Coast homebuilding region.
    • Homes delivered decreased 4% from the fourth quarter of 2012 to 2,038 homes, reflecting a decline in deliveries from the Company’s West Coast homebuilding region that was partially offset by increases in each of the Company’s other three homebuilding regions.
    • The overall average selling price grew to $301,100, up 11% from the year-earlier quarter, extending the Company’s trend of year-over-year increases. The increase in the average selling price reflected the Company’s ongoing investment in higher-performing, choice locations in land constrained growth markets that feature higher household incomes and demand for larger home sizes, as well as incremental revenues generated through lot premiums, options and upgrades, and generally favorable housing market conditions.
      • Each of the Company’s homebuilding regions posted a higher average selling price compared to the year-earlier quarter. Average selling price increases ranged from 10% in the Company’s Southeast homebuilding region to 29% in its West Coast homebuilding region.
  • The Company’s homebuilding operating income of $47.0 million increased from $15.6 million for the year-earlier quarter. As a percentage of homebuilding revenues, operating income improved by 490 basis points to 7.6%, compared to 2.7% for the 2012 fourth quarter.
    • The housing gross profit margin expanded by 420 basis points to 17.9% from 13.7% for the year-earlier quarter. The current quarter housing gross profit margin included an $8.5 million charge associated with water intrusion-related repairs at certain of the Company’s communities in central and southwest Florida, inventory impairment charges of $.4 million, and land option contract abandonment charges of $2.9 million. In the fourth quarter of 2012, the housing gross profit margin included charges of $5.2 million for inventory impairments, $.4 million for land option contract abandonments, and $2.6 million for water intrusion-related repairs in central and southwest Florida.
      • Excluding the above-mentioned charges, the Company’s adjusted housing gross profit margin expanded by 470 basis points to 19.8% for the current quarter from 15.1% for the year-earlier quarter.
    • Selling, general and administrative expenses as a percentage of housing revenues were 10.3%, compared to 11.0% in the year-earlier quarter. The Company’s current quarter selling, general and administrative expenses included the reversal of a previously established accrual of $8.2 million due to a favorable court decision.
  • Interest expense increased to $21.6 million from $16.0 million in the year-earlier quarter due to the inclusion of a $10.4 million loss on the early extinguishment of debt in the current quarter, partly offset by an increase in the amount of interest capitalized associated with a larger amount of qualifying assets.
  • The Company’s financial services operations generated pretax income of $3.1 million, which was up slightly from the year-earlier quarter.
  • Net income increased to $28.1 million, or $.31 per diluted share, compared to $7.7 million, or $.10 per diluted share, in the fourth quarter of 2012.
    • Income tax expense totaled $.2 million, compared to an income tax benefit of $5.3 million in the year-earlier quarter.

Twelve Months Ended November 30, 2013

  • Revenues rose to $2.10 billion, up 34% from $1.56 billion for the prior year.
  • Homes delivered increased 14% to 7,145 homes, up from 6,282 homes in 2012.
  • The overall average selling price of $291,700 rose $45,200, or 18%, from $246,500 in 2012.
  • Homebuilding operating income improved significantly to $92.1 million, increasing by $112.4 million from an operating loss of $20.3 million in 2012. As a percentage of homebuilding revenues, operating income improved by 570 basis points to 4.4%, compared to an operating loss of 1.3% for 2012.
    • The increase in homebuilding operating income reflected both a higher housing gross profit margin and improvement in the Company’s selling, general and administrative expense ratio.
      • The Company’s housing gross profit margin improved by 270 basis points to 16.7% from 14.0% for the prior year. The adjusted housing gross profit margin expanded to 18.4%, up 490 basis points from 13.5% for 2012.
      • Selling, general and administrative expenses as a percentage of housing revenues improved by 300 basis points to 12.3% from 15.3% in 2012.
  • The Company’s financial services operations posted pretax income of $10.2 million for the twelve months ended November 30, 2013, compared to $10.9 million for the year-earlier period.
  • Net income of $40.0 million, or $.46 per diluted share, increased by $99.0 million from a net loss of $59.0 million, or $.76 per diluted share, for the year ended November 30, 2012. The 2013 results included an income tax benefit of $1.6 million, compared to an income tax benefit of $20.1 million in 2012 that reflected the resolution of federal and state tax audits.
    • This marked the first time the Company has generated full-year net income since 2006.

Backlog and Net Orders

  • Potential future housing revenues in backlog at November 30, 2013 increased to $682.5 million, up 10% from $618.6 million at November 30, 2012.
    • The number of homes in the Company’s backlog was 2,557 at November 30, 2013, essentially flat compared to 2,577 at November 30, 2012, although projected housing gross profit margins in backlog were higher year over year.
  • The overall value of net orders for the 2013 fourth quarter was $481.7 million, up 5% from $459.3 million in the year-earlier quarter.
    • Three of the Company’s four homebuilding regions reported year-over-year growth in net order value, with increases ranging from 27% in the Southeast region to 72% in the Southwest region.
  • The Company generated 1,556 net orders in the fourth quarter of 2013, essentially even with the year-earlier quarter.
    • Net orders were up in each of the Company’s homebuilding regions, with the exception of its West Coast homebuilding region, which experienced a year-over-year decrease largely as a result of the Company’s ongoing strategic operational shift within the region toward coastal submarkets, the sell-out of older communities and delays in new community openings.
    • The fourth quarter cancellation rate as a percentage of gross orders was 36% in 2013, compared to 35% in 2012. As a percentage of beginning backlog, the fourth quarter cancellation rate was 29% in 2013 and 26% in 2012.

Balance Sheet

  • Cash, cash equivalents and restricted cash totaled $572.0 million at November 30, 2013, compared to $424.9 million at August 31, 2013 and $567.1 million at November 30, 2012.
    • The Company’s cash, cash equivalents and restricted cash at November 30, 2013 increased by $147.1 million from August 31, 2013 primarily due to the net proceeds received from the issuance of $450 million of 7.00% senior notes due 2021, which were partly offset by the retirement of $215 million in aggregate principal amount of certain of the Company’s senior notes due in 2014 and 2015 through a combination of purchases made pursuant to applicable tender offers and redemptions, as well as investments in inventories.
      • The Company had no borrowings outstanding under its $200 million unsecured revolving credit facility as of November 30, 2013.
  • Inventories increased to $2.30 billion at November 30, 2013 from $1.71 billion at November 30, 2012.
    • Land and land development investments rose to $1.14 billion for the twelve months ended November 30, 2013 from $564.9 million for the year-earlier period, reflecting the Company’s ongoing investments in land positions across the country.
    • As a result of the significant land acquisition activity in 2013, the number of lots owned or controlled increased to 61,095 at November 30, 2013, up 37% from 44,752 at November 30, 2012.
  • The Company’s debt balance totaled $2.15 billion at November 30, 2013, compared to $1.94 billion at August 31, 2013 and $1.72 billion at November 30, 2012.
    • The debt balance at November 30, 2013 increased from August 31, 2013 as a result of the capital markets and senior note retirement transactions completed during the quarter. These transactions provided additional cash to enhance the Company’s financial strength and liquidity and support future growth.
    • The Company’s next scheduled debt maturity is in 2015, when $199.9 million of its 6 1/4% senior notes become due.

Management Comments

“Our fourth quarter results provided a solid finish to 2013 with both revenues and profits up from the prior year,” said Jeffrey Mezger, president and chief executive officer. “We also posted full-year net income for the first time in several years. These results reflect the positive momentum within our business throughout 2013 that delivered measurably improved financial performance, with higher revenues and better bottom-line results in each quarter of the year. The catalyst for this progress has been an ongoing strategic shifting of our operations to higher-performing markets across the country. The favorable impact of this approach was most evident in California, where our average selling price for the quarter increased 29% from a year ago to $524,200. Our results for the fourth quarter and full year reinforce our belief that we have the right strategies in place to create long-term value for our stockholders as the housing recovery progresses.”

“Looking forward, we believe we are well positioned operationally and financially for 2014,” continued Mezger. “We enter the new fiscal year with a strong land portfolio that supports our plans for community count growth as the substantial investments we have made in land and land development convert to open communities. In addition, we will continue to execute on our key growth initiatives, making investments in desirable land positions, optimizing our selling prices and sales pace in each community to generate higher revenues, and leveraging our growth platform and the efficiencies of our operational business model to enhance profitability.”

Earnings Conference Call

The conference call on the fourth quarter 2013 earnings will be broadcast live TODAY at 8:30 a.m. Pacific Standard Time, 11:30 a.m. Eastern Standard Time. To listen, please go to the Investor Relations section of the Company’s website at www.kbhome.com.

About KB Home

KB Home is one of the largest and most recognized homebuilding companies in the United States. Since its founding in 1957, the Company has built more than half a million quality homes. KB Home’s signature Built to Order™ approach lets each buyer customize their new home from lot location to floor plan and design features. In addition to meeting strict ENERGY STAR® guidelines, all KB homes are highly energy efficient to help lower monthly utility costs for homeowners, which the Company demonstrates with its proprietary KB Home Energy Performance Guide® (EPG®). A leader in utilizing state-of-the-art sustainable building practices, KB Home was named the #1 Green Homebuilder in the most recent study by Calvert Investments and the #1 Homebuilder on FORTUNE magazine’s 2011 World’s Most Admired Companies list. Los Angeles-based KB Home was the first homebuilder listed on the New York Stock Exchange, and trades under the ticker symbol “KBH.” For more information about KB Home’s new home communities, call 888-KB-HOMES or visit www.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; adverse market conditions, including an increased supply of unsold homes, declining home prices and greater foreclosure and short sale activity, among other things, that could negatively affect our consolidated financial statements, including due to additional impairment or land option contract abandonment charges, lower revenues and operating and other losses; conditions in the capital, credit and financial markets (including residential consumer mortgage lending standards, the availability of residential consumer mortgage financing and mortgage foreclosure rates); material prices and availability; labor costs and availability; changes in interest rates; inflation; our debt level, including our ratio of debt to total capital, and our ability to adjust our debt level, maturity schedule and structure and to access the equity, credit, capital or other financial markets or other external financing sources, including raising capital through the public or private issuance of common stock, debt or other securities, and/or project financing, on favorable terms; our compliance with the terms and covenants of our revolving credit facility; weak or declining consumer confidence, either generally or specifically with respect to purchasing homes; competition for home sales from other sellers of new and resale homes, including lenders and other sellers of homes obtained through foreclosures or short sales; weather conditions, significant natural disasters and other environmental factors; government actions, policies, programs and regulations directed at or affecting the housing market (including the Dodd-Frank Act, tax credits, tax incentives and/or subsidies for home purchases, tax deductions for residential consumer mortgage interest payments and property taxes, tax exemptions for profits on home sales, programs intended to modify existing mortgage loans and to prevent mortgage foreclosures 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; decisions regarding federal fiscal and monetary policies, including those relating to taxation, government spending, interest rates and economic stimulus measures; the availability and cost of land in desirable areas; our warranty claims experience with respect to homes previously delivered and actual warranty costs incurred, including our warranty claims and costs experience at certain of our communities in Florida; legal or regulatory proceedings or claims; 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 with respect to product, geographic and market positioning (including our efforts to expand our inventory base/pipeline with desirable land positions or interests at reasonable cost and to expand our community count, open additional new home communities for sales and sell higher-priced homes and more design options, and our operational and investment concentration in markets in California), revenue growth, asset optimization, asset activation, local field management and talent investment, and overhead reduction and cost management; consumer traffic to our new home communities and consumer interest in our product designs and offerings, particularly from higher-income consumers; cancellations and our ability to realize our backlog by converting net orders to home deliveries; our home sales and delivery performance, particularly in key markets in California; the manner in which our homebuyers are offered and whether they are able to obtain residential consumer mortgage loans and mortgage banking services, including from our preferred mortgage lender, Nationstar Mortgage; the performance of Nationstar Mortgage as our preferred mortgage lender; the ability of Home Community Mortgage to become operational in all of our served markets as and by the time currently anticipated; information technology failures and data security breaches; 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.

 
KB HOME
CONSOLIDATED STATEMENTS OF OPERATIONS

For the Twelve Months and Three Months Ended November 30, 2013 and 2012

(In Thousands, Except Per Share Amounts)

       
Twelve Months Three Months
2013     2012 2013     2012
Total revenues $ 2,097,130   $ 1,560,115   $ 618,531   $ 578,201  
Homebuilding:
Revenues $ 2,084,978 $ 1,548,432 $ 614,574 $ 574,377
Costs and expenses (1,992,894 ) (1,568,688 ) (567,598 ) (558,815 )
Operating income (loss) 92,084 (20,256 ) 46,976 15,562
Interest income 792 518 163 155
Interest expense (62,690 ) (69,804 ) (21,617 ) (15,989 )
Equity in loss of unconsolidated joint ventures (2,007 ) (394 ) (349 ) (357 )
Homebuilding pretax income (loss) 28,179   (89,936 ) 25,173   (629 )
Financial services:
Revenues 12,152 11,683 3,957 3,824
Expenses (3,042 ) (2,991 ) (807 ) (754 )
Equity in income (loss) of unconsolidated joint ventures 1,074   2,191   (7 ) (17 )
Financial services pretax income 10,184   10,883   3,143   3,053  
Total pretax income (loss) 38,363 (79,053 ) 28,316 2,424
Income tax benefit (expense) 1,600   20,100   (200 ) 5,300  
Net income (loss) $ 39,963   $ (58,953 ) $ 28,116   $ 7,724  
Basic earnings (loss) per share $ .48   $ (.76 ) $ .33   $ .10  
Diluted earnings (loss) per share $ .46   $ (.76 ) $ .31   $ .10  
Basic average shares outstanding 82,630   77,106   83,742   77,103  
Diluted average shares outstanding 91,559   77,106   93,784   78,282  
 
KB HOME
CONSOLIDATED BALANCE SHEETS

(In Thousands)

     
November 30,
2013
November 30,
2012
Assets
Homebuilding:
Cash and cash equivalents $ 530,095 $ 524,765
Restricted cash 41,906 42,362
Receivables 75,749 64,821
Inventories 2,298,577 1,706,571
Investments in unconsolidated joint ventures 130,192 123,674
Other assets 107,076   95,050
3,183,595 2,557,243
Financial services 10,040   4,455
Total assets $ 3,193,635   $ 2,561,698
 
Liabilities and stockholders’ equity
Homebuilding:
Accounts payable $ 148,282 $ 118,544
Accrued expenses and other liabilities 356,176 340,345
Mortgages and notes payable 2,150,498   1,722,815
2,654,956 2,181,704
Financial services 2,593 3,188
Stockholders’ equity 536,086   376,806
Total liabilities and stockholders’ equity $ 3,193,635   $ 2,561,698
 
KB HOME
SUPPLEMENTAL INFORMATION

For the Twelve Months and Three Months Ended November 30, 2013 and 2012

(In Thousands)

     
Twelve Months Three Months
2013     2012 2013     2012
Homebuilding revenues:
Housing $ 2,084,103 $ 1,548,432 $ 613,699 $ 574,377
Land 875     875    
Total $ 2,084,978   $ 1,548,432   $ 614,574   $ 574,377  
 
Twelve Months Three Months
2013 2012 2013 2012
Costs and expenses:
Construction and land costs
Housing $ 1,736,320 $ 1,332,045 $ 503,676 $ 495,816
Land 766     766    
Subtotal 1,737,086 1,332,045 504,442 495,816
Selling, general and administrative expenses 255,808   236,643   63,156   62,999  
Total $ 1,992,894   $ 1,568,688   $ 567,598   $ 558,815  
 
Twelve Months Three Months
2013 2012 2013 2012
Interest expense:
Interest incurred $ 138,653 $ 122,379 $ 36,397 $ 33,105
Loss on early extinguishment of debt 10,448 10,278 10,448
Interest capitalized (86,411 ) (62,853 ) (25,228 ) (17,116 )
Total $ 62,690   $ 69,804   $ 21,617   $ 15,989  
 
Twelve Months Three Months
2013 2012 2013 2012
Other information:
Depreciation and amortization $ 7,204 $ 4,638 $ 1,988 $ 1,341
Amortization of previously capitalized interest 87,414   78,630   24,471   29,721  
 
KB HOME
SUPPLEMENTAL INFORMATION

For the Twelve Months and Three Months Ended November 30, 2013 and 2012

     
Twelve Months Three Months
2013     2012 2013     2012
Average sales price:
West Coast $ 467,800 $ 388,300 $ 524,200 $ 405,400
Southwest 237,500 193,900 252,500 219,500
Central 198,900 170,100 209,800 179,500
Southeast 233,900   206,200   241,200   219,900
Total $ 291,700   $ 246,500   $ 301,100   $ 270,700
 
Twelve Months Three Months
2013 2012 2013 2012
Homes delivered:
West Coast 2,179 1,945 521 765
Southwest 738 683 193 170
Central 2,841 2,566 876 843
Southeast 1,387   1,088   448   344
Total 7,145   6,282   2,038   2,122
 
Twelve Months Three Months
2013 2012 2013 2012
Net orders:
West Coast 1,915 2,166 371 619
Southwest 756 663 188 140
Central 3,027 2,697 663 485
Southeast 1,427   1,177   334   313
Total 7,125   6,703   1,556   1,557
 
November 30, 2013 November 30, 2012
Backlog Homes Backlog Value Backlog Homes Backlog Value
Backlog data (dollars in thousands):
West Coast 420 $ 206,308 684 $ 248,790
Southwest 201 50,858 183 40,206
Central 1,335 279,424 1,149 204,473
Southeast 601   145,899   561   125,157
Total 2,557   $ 682,489   2,577   $ 618,626
 

KB HOME
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
For the Twelve Months and Three Months Ended November 30, 2013 and 2012
(In Thousands, Except Percentages)

This press release contains, and Company management’s discussion of the results presented in this press release may include, information about the Company’s adjusted housing gross profit margin which is not calculated in accordance with generally accepted accounting principles (“GAAP”). The Company believes this non-GAAP financial measure is relevant and useful to investors in understanding its operations, and may be helpful in comparing the Company with other companies in the homebuilding industry to the extent they provide similar information. However, because the adjusted housing gross profit margin is not calculated in accordance with GAAP, this measure may not be completely comparable to other companies in the homebuilding industry and, thus, should not be considered in isolation or as an alternative to the operating and financial performance measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement its respective most directly comparable GAAP financial measure in order to provide a greater understanding of the factors and trends affecting the Company’s operations.

Adjusted Housing Gross Profit Margin

The following table reconciles the Company’s housing gross profit margin calculated in accordance with GAAP to the non-GAAP financial measure of the Company’s adjusted housing gross profit margin:

     
Twelve Months Three Months
2013     2012 2013     2012
Housing revenues $ 2,084,103 $ 1,548,432 $ 613,699 $ 574,377
Housing construction and land costs (1,736,320 ) (1,332,045 ) (503,676 ) (495,816 )
Housing gross profits 347,783 216,387 110,023 78,561
Add: Inventory impairment and land option contract abandonment charges 3,581 28,533 3,297 5,621
Water intrusion-related charges 31,959 2,576 8,481 2,576
Less: Warranty adjustments (11,162 )
Insurance recoveries   (26,534 )    
Adjusted housing gross profits $ 383,323   $ 209,800   $ 121,801   $ 86,758  
Housing gross profit margin as a percentage of housing revenues 16.7 % 14.0 % 17.9 % 13.7 %
Adjusted housing gross profit margin as a percentage of housing revenues 18.4 % 13.5 % 19.8 % 15.1 %
 

Adjusted housing gross profit margin is a non-GAAP financial measure, which the Company calculates by dividing housing revenues less housing construction and land costs before inventory impairment and land option contract abandonment charges, water intrusion-related charges, warranty adjustments and insurance recoveries (as applicable) associated with housing operations recorded during a given period, by housing revenues. The most directly comparable GAAP financial measure is housing gross profit margin. The Company believes adjusted housing gross profit margin is a relevant and useful financial measure to investors in evaluating the Company’s performance as it measures the gross profits the Company generated specifically on the homes delivered during a given period and enhances the comparability of housing gross profit margin between periods. This financial measure assists management in making strategic decisions regarding product mix, product pricing and construction pace. The Company also believes investors will find adjusted housing gross profit margin relevant and useful because it represents a profitability measure that may be compared to a prior period without regard to variability of charges for inventory impairment and land option abandonment charges, water intrusion-related charges, warranty adjustments and insurance recoveries.

Add a Comment

News   More...

Start Premium Trial Register For Free

P F Fund Financial Data (13,000+ funds)
P F Stock Financial Data (7,000+ stocks)
P F Stock and Fund Screeners (basic)
P F Investing Articles and Market Commentary
P F Articles Archive (>30 days)
P F Discuss (dozens of stock, fund, bond, and general bulletin boards)
P F Portfolio Manager (basic)
P F Morningstar Investment Classroom
P F Access Your Portfolio Anytime, Anywhere via Your Mobile Device
P   Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)
P   Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)
P   Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)
P   Portfolio Monitor (monthly and on-demand personalized portfolio statements)
P   Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)
P   Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters
P   Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)
P   Discounts on Morningstar newsletters, books, seminars, and more

Sign-up to Morningstar


Basic Access

Articles and Videos
Morningstar video reports, articles, data, and tools. Dig into our lineup of e-newsletters and investing classroom courses outlining sensible strategies for maximizing your investments.
Morningstar Discuss
Follow the buzz on individual stocks or fund families. Plus, read the latest posts from Morningstar members and analysts.
Portfolio Manager
Track your investments and watch lists with our Portfolio Manager. Customize your view with our comprehensive stock, fund, and ETF data.

Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.

Unlimited Access

Analyst Research
Gather in-depth, actionable insight on over 3,700 stock and mutual funds covered by Morningstar analysts. View our mutual fund Analyst Reports favored by professionals, savvy experienced investors, and new investors researching options for retirement savings, college plans, or other investment needs.
Portfolio X-Ray®
Ensure your portfolio is positioned exactly how you want with Morningstar's X-Ray Interpreter and Stock Intersection tools. A Barron's "Best of the Web" award winner for five years running, X-Ray Interpreter goes under the hood of your portfolio to provide a useful allocation, sector, and geographic analysis. And you can discover how much of a stock you really own, individually and through mutual funds, with Stock Intersection.
Investment Picks
Find new 5-star stocks (greatly undervalued companies) to consider daily. Our 5-star stock rating is a proven winner, consistently beating benchmarks like the S&P 500. Plus, browse our Fund Analyst Picks and Stewardship Grades to find shareholder-friendly mutual funds that are poised for outperformance.
Portfolio Monitor
Get a clear view of your investments with personalized reports about your portfolio. Receive monthly statements and generate reports on-demand to help you stay on track to meet your investment goals.

Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.

Content Partners
Morningstar - - KB Home Reports 2013 Fourth Quarter and Full Year Results
Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol |  Title Star Rating |  Category |  Total Assets |  Top Holdings |  Top Sectors |  Symbol |  Name Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol / Ticker |  Title Star Rating |  Category |  Total Assets |  Symbol / Ticker |  Name Title |  Date |  Author |  Collection |  Popularity |  Interest Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Author |  Collection |  Interest |  Popularity

Previous: KB Home Opening Four New Communities in the Inland Empire  |  Next: KB Home Reports 2013 Third Quarter Results