KB Home revenues up 29% in Q4
Total revenues of $796.0 million were up in comparison to $618.5 million in the fourth quarter of 2013, growth that the homebuilder attributes to increased volumes and selling prices.
KB Home also reported that it delivered 2,229 homes during the three-month period, an increase of 9% since 2013. Additionally, the average selling price was up 17% to $351,500.
As for net income, the total for the quarter came in at $852.8 million, but this was largely due to an income tax benefit of $824.2 million that reflected the company’s $825.2 million deferred tax asset valuation allowance reversal.
"A particularly notable accomplishment in the fourth quarter was the reversal of nearly all of our deferred tax asset valuation allowance,” said president and CEO Jeffrey Mezger. “This reversal, grounded in our consistent profitability in recent quarters, as well as our positive outlook for our business, the housing market and the broader economy, had a measurable impact on our financial position. Among other things, it nearly tripled our stockholders' equity from a year ago, significantly reduced our debt leverage ratio, and, going forward, is expected to shelter, on a cash basis, more than two billion dollars of future earnings from income taxes. All of this will meaningfully support our ability to advance our business goals."
Other notable benchmarks, according to Mezger: achievement of KB Home’s community count growth initiative, at an increase of 19%.
Last quarter also marks the 13th consecutive quarter of year-over-year growth for KB Home.
Milwaukee drops a new tape on pros
Milwaukee Tool has expanded its tape measure offerings with the introduction of a new collection for general contractors featuring Nylon Bond Blade Protection, a 5-point reinforced frame for drop protection.
Thanks to the Nylon Bond technology, the tape measures last for up to 10 times longer than competing products, according to the company.
“When we originally introduced Milwaukee’s lineup of tape measures in 2013, we focused on delivering innovative solutions to our mechanical, plumbing, and electrical contractors,” said Brandon Miller, group marketing manager for Milwaukee Tool. “As a result of our user-focused research and success of our initial lineup of tape measures, this new series seeks to deliver innovative solutions to a wider group of users, such as general contractors and remodelers, to capture a larger segment of the market.”
In addition to drop protection, the new tape measures will feature a wider base for added stability during layout applications.
Additionally, a hook design makes it intuitive to score material like drywall, and a wire form belt clip makes storage easier, helping to prevent pocket tearing.