— KB Home (NYSE: KBH) reported first-quarter 2020 earnings of $0.63 per share vs. $0.44 expected.
— Revenue surged 33% to $1.08 billion vs. $955.5 million expected.
— Due to the uncertainty surrounding the spread of COVID-19 and the unprecedented public health and governmental efforts to contain it, KB Home withdrew its guidance for fiscal 2020.
— Homes delivered grew 28% to 2,752, with increases in all four of the company’s regions.
— Net orders rose 31% to 3,495, with net order value up 35% to $1.38 billion.
— ending backlog rose 26% to 5,821 homes. Ending backlog value grew 28% to $2.12 billion, compared to $1.66 billion, reflecting increases in all four regions.
— KBH stock, which dropped 45% so far this year, rose about 8% immediately after the earnings announcement.