KB Home (NYSE:KBH) Q3 2023 Earnings Call Transcript September 20, 2023 5:00 PM ET
Company Participants
Jill Peters - SVP, IR
Jeff Mezger - Chairman, President and CEO
Rob McGibney - EVP and COO
Jeff Kaminski - EVP and CFO
Conference Call Participants
Matthew Bouley - Barclays
Stephen Kim - Evercore
Alan Ratner - Zelman & Associates
John Lovallo - UBS
Michael Rehaut - J.P. Morgan
Truman Patterson - Wolfe Research
Buck Horne - Raymond James
Joe Ahlersmeyer - Deutsche Bank
Jay McCanless - Wedbush Securities
Operator
Good afternoon. My name is John, and I will be your conference operator today. I would like to welcome everyone to the KB Home 2023 Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. Following the company's opening remarks, we will open the lines for questions. Today's conference call is being recorded and will be available for replay at the company's website kbhome.com through October 20.
And now, I would like to turn the call over to Jill Peters, Senior Vice President, Investor Relations. Thank you, Jill. You may begin.
Jill Peters
Thank you, John. Good afternoon, everyone, and thank you for joining us today to review our results for the third quarter of fiscal 2023. On the call are Jeff Mezger, Chairman, President and Chief Executive Officer; Rob McGibney, Executive Vice President and Chief Operating Officer; Jeff Kaminski, Executive Vice President and Chief Financial Officer; Bill Hollinger, Senior Vice President and Chief Accounting Officer; and Thad Johnson, Senior Vice President and Treasurer.
During this call, items will be discussed that are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future results and the company does not undertake any obligation to update them. Due to various factors, including those detailed in today's press release and in our filings with the Securities and Exchange Commission, actual results could be materially different from those stated or implied in the forward-looking statements.
In addition, a reconciliation of the non-GAAP measures of adjusted housing gross profit margin, which excludes inventory related charges and any other non-GAAP measure referenced during today's discussion to its most directly comparable GAAP measure can be found in today's press release and/or on the investor relations page of our website at kbhome.com.
And with that, here is Jeff Mezger.
Jeff Mezger
Thank you, Jill, and good afternoon, everyone. We delivered another quarter of strong performance highlighted by our closings and margins, which exceeded our previous guidance. With these favorable results and our improved outlook for the fourth quarter, we are again raising our revenue and earnings outlook for our 2023 fiscal year. Our business is performing well and our teams are executing on their plans to balance pace, price and starts, reduce build times and drive high customer satisfaction while growing their volumes and profits.