selling serving market. homebuyers a model. while thank the our provided the afternoon, margins, housing We value delivered volatile deliveries of large backlog in first highlights has team in which results Working Good persevering financial for a at We we in Jill. to you, turbulent everyone. from Thank their of our built-to-order and our through healthy challenges effort stability outstanding quarter, solid the want navigate our entire conditions.
in essentially generated we excluding quarter billion to and total per prior charges results, $X.XX. diluted improvement to our we exceeded earnings of of details operating January, with XX.X%, the provided of share at a and of the and guidance margin lower and earnings $X.X year revenues both to of ratio, level we our which inventory-related an SG&A our As Relative revenue offset the even margins. our came slightly on the in of gross deliveries. our a in held strong expense gross high-end guidance due range We
year-over-year. higher our share drove up $XX.XX, with XX% together to per performance ongoing repurchases, share Our book our value
business a is Although to be and our geographic is of KB Home builder, diversified footprint. California we perceived the our becoming like more balance
improved a compared as grown of Our growth. timeframe, profitability significantly over Southeast ago. to our this larger This has its years region region revenues approaching has only forward returns into and XX% we and this continued look five its XX% business, year to
we During housing is quarter, in achieved and our market. Charlotte, the first top XX a which growing dynamic deliveries
are scheduled two with open to currently homes communities Charlotte, selling this in year. communities four We in additional
our Southeast in to the region. achieving growth Charlotte we enhance expect We are further
one we produced supply, limited in demand fastest as also has Boise deliveries areas result, We and growing during first adjusting a growth the for see strong stability amid which now will been of our is company. home with a pricing. market quarter. created the country, be Boise Boise in prices the we market additional in selective The rapidly. believe land until appreciated our time, investments and we will remain Over
favorable. the The long-term remains housing outlook market for
first-time buyers. demographics millennials the past, in our and move-up buyer said are primary and Gen as the have we of for our As are advantageous Zs the business segments first
for underpinning at levels also our price facing inventory, especially of demographics a we points. still are are strong these While demand, low
leaving first at resale sequential resales the to February reported, X.X supply. yesterday, same limited. time, XX months the continues home months, representing inventory be new in levels inventory in Just were increase At activity
with our earnings for the call. February. down in of range our you to We This line compared half with to orders last was in in back improved and in a demand orders, the of year-over-year X,XXX shared our generated we orders quarter first significantly with expectation XX%. our on XX% between January increase both XX% quarter, As net sequential net projected down of as the and
let did discuss and I call, gross last our cancellation separately. me on orders As
asset. until and communities, was pace more each many a backlog backlog We have on delivered. our adjusting to held that price continuously of pricing to sensitivity With worked to in balance optimize we large off
continued In for reducing quarter, timing these other prices given our favorable period. to in communities was stronger of many also our deliveries offering backlog convert concessions. seasonally The actions to we first the the while selling now or
addition, rates seem higher mortgage during that to was X% new acknowledging low-to-mid normal the range more in be Buyers the rate as In to a in and had these January where potential are moving rates they environment off homebuyers return stable a to sidelines. February settled the beneficial market. also
orders Our to with sequential a increasing gross January's improved December versus significantly and relative orders January. February XX% basis on increasing XX%
orders quarter, of a year-over-year decline gross the were XX%. X,XXX, For our
long-term gross quarter. On for contributing the X.X pace number community of to monthly Las a a orders had divisions overall Vegas, gross Sacramento, that per Inland Empire, this X.X We reached per absorption of for and community above our orders that average, Orlando. per including basis, in Phoenix, our an outperform month average February pace month,
homes our the they sequentially generally total completed. backlog are are moderated quarter, For when and closing cancellations and
during rate interest were decline written As we summer further. our should the backlog deliver continue out cancellation failed to lower rate environment, orders of a that last
orders our net weeks the In remained of have strong. March, early
orders year half of our down second strong weeks our XXXX quarter, comparable For the were and against first very net period. XX% a two a prior
investors market intra-quarter because to into range Although for projected a orders are helpful due believe this on volatility net update we it we is do in the an only or few call not provide for typically we the a weeks quarter, conditions.
demand, large near-term with recent a the economic trends. encouraged our rate uncertainties we interest While order are and risk to pose
Our we quarter, achieve a will think which monthly order orders. hundred absorption orders represent a to resulting thirty-seven the net this will of net range XX% in At per second strategic goal continues community, projected of a four of midpoint, the between we and and decline net be pace three-thousand between five year-over-year. for
our backlog deliveries billion. the Our in X,XXX at continue quarter projection of to year. margins $X.X over at position the provide and the stood first over will for at end homes consistency valued supports revenue and This
quarter, XX% are X,XXX During the of quarter started which in and ended production the roughly sold. we homes homes X,XXX with
we as we look in starts to with and our up ramping quarter, continue year-end are sales, balance We starts the to ahead deliveries. as second
moving the We by model, plan, including that we footage the to offer and our have An buyer which important built-to-order are availability communities committed the to homes near-term our the prioritizes quick buyers, finishes. selection community. is of some In in in serve is each inventory to offering personalization. of each move-in the lots, a square floor we who personalized over compliment regard, defined to available always of date of choice choice this this
incremental finished scores homes of the and rewrite to typically majority unsold speculative capture per built-to-order a sales, this deliveries our of absorption highest in time, as as sale. from know approach we the achieve deliver or in XXX lot and the inventory we there end and studio we a customer quarter, approximately We a available, At roughly of were During quarter. approach high sell buyers which one XX% the of and second can model the had our financial our cancellation start, we whether the the community At a are to quarter, some value of industry. revenues. key same satisfaction rates benefits premiums expect
on sales. result, a As our gross are our margins built-to-order higher
quarter, housing in and lot generated with consistent quarterly XX% delivery per nearly of In about $XX,XXX premium in studio revenues. average our we the revenues XXXX, representing our first
some a moment to let with an ask respect With as and approach color provide that, Rob? for me operational as Rob sales well update. our to pause
