KB Home (NYSE:KBH) Q2 2023 Earnings Conference Call June 21, 2023 5:00 PM ET
Company Participants
Jill Peters - SVP, IR
Jeffrey Mezger - Chairman, President & CEO
Robert McGibney - EVP & COO
Jeff Kaminski - EVP & CFO
Conference Call Participants
John Lovallo - UBS
Michael Dahl - RBC Capital Markets
Alan Ratner - Zelman & Associates
Stephen Kim - Evercore ISI
Matthew Bouley - Barclays Bank PLC
Michael Rehaut - JPMorgan
Joe Ahlersmeyer - Deutsche Bank
Truman Patterson - Wolfe Research
Charles Perron - Goldman Sachs
Operator
Good afternoon. My name is John, and I'll be your conference operator today. I would like to welcome everyone to the KB Home 2023 Second 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 July 21.
And now, I'd 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 second 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 measure 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.
Jeffrey Mezger
Thank you, Jill, and good afternoon, everyone. We delivered strong results in our second quarter, including a significant sequential improvement in our net orders. Our divisions executed well, improved their cycle times, reduced build costs further on new starts, and opened new communities, all of which will benefit us in the quarters ahead. As for the details of our results, we exceeded the high end of the guidance we provided in March with total revenues of $1.8 billion and diluted earnings per share of $1.94.