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March 19, 2014
12:02 EDTNSM, KBHKB Home says Q1 average square footage of homes increased 8% YoY
KB Home (KBH) says it sees continued gross margin expansion over the balance of the year, goal is for gross margins exceeding 20%. The company says it is committed to containing overhead costs. Expects to continue to deliver year-over-year profit improvement going forward. Sees community growth accelerating especially in 2H. Says will continue to seek out shorter term opportunities to enhance FY14, FY15 deliveries. Says regulatory approvals for mortgage joint venture with Nationstar (NSM) have taken longer than originally anticipated, continues to clear hurdles and expect to complete the approval process within this quarter. Says economic recovery continues at measured rate, housing market continues recovery at steady pace. Says mortgage underwriting standards remain tight. Says solidly positioned with sales momentum and expects to sustain profitable growth going forward. Says sales, traffic strong in January and February, traffic up "dramatically" in February over prior year. Sees increase in year-end community count of 15%-20% vs. 2013. Sees average selling price continuing to trend higher for the remainder of 2014. Comments made during the company's Q1 earnings conference call.
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