KB Home (NYSE:KBH) Q4 2023 Earnings Conference Call January 10, 2024 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
Stephen Kim - Evercore ISI
Alan Ratner - Zelman & Associates
Matthew Bouley - Barclays Bank PLC
Michael Rehaut - JPMorgan
Jay McCanless - Wedbush Securities
Susan McCleary - Goldman Sachs
Alex Barron - Housing Research Center
Joe Ahlersmeyer - Deutsche Bank
Jade Rahmani - KBW
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 Fourth 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 February 9, 2024.
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 fourth 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. Good afternoon, everyone, and Happy New Year. We finished the year strong with a fourth quarter performance that exceeded our guidance across our key financial metrics. We produced total revenues of $1.7 billion and diluted earnings per share of $1.85. Our outperformance on closings at just over 3,400 homes was driven primarily by our continued improvement in build times along with a strong backlog of buyers who are committed to a timely closing when their home is completed.