KB Home reports jump in Q4 inventory impairment charges
Says "homebuilding operating income decreased 20% to $56M, reflecting total inventory-related charges of $36.1M, compared to $5.1M [last year]. Homebuilding operating income margin was 4.7%. Excluding total inventory-related charges, homebuilding operating income margin was 7.7%. Land sale losses of $30.4M included $30.6M of inventory impairment charges related to planned future land sales." Says "we also took decisive actions to improve our asset efficiency, committing to sell certain non-core land assets over the coming year. While this resulted in inventory-related impairment charges in the quarter, we intend to productively redeploy the cash proceeds to deleverage our balance sheet and invest in our business."