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kb HOME NEWS RELEASE KB Home Reports 2021 First Quarter Results 3/24/2021 Diluted Earnings Per Share Grew 62 % to $ 1.02 Gross Margin Expanded to 20.8 % , Up 340 Basis Points Net Order Value Rose 35 % ; Backlog Value Increased 74 % to $ 3.7 Billion LOS ANGELES -- ( BUSINESS WIRE ) -- KB Home ( NYSE : KBH ) today reported results for its first quarter ended February 28 , 2021 . " We begin 2021 with positive momentum continuing across our business . We achieved a 62 % increase in our first quarter diluted earnings per share primarily driven by substantial growth in our gross margin to 21.1 % , excluding inventory - related charges . Multiple factors contributed to our significantly higher profitability , in particular , our effective management of order pace , price and starts to optimize our assets and generate a strong return on each community , " said Jeffrey Mezger , Chairman , President and Chief Executive Officer . “ The combination of healthy housing market conditions and our customer - centric approach produced a 23 % year - over - year increase in our net orders to nearly 4,300 homes . The ongoing strength in our order activity reflects the favorable demographics underlying demand . Millennials , the largest adult population in the U.S. , are now in their prime homebuying years and continue to represent our largest cohort of buyers , underscoring our competitive advantage in serving first- time buyers and success in building homes in desirable locations at affordable price points . " " With our full year coming into better view , supported by a 74 % year - over - year increase in our backlog value and our ability to match housing starts to net orders , we believe we are now even better positioned for meaningful growth in 2021 , " continued Mezger . " We are executing on our plan to expand our scale while driving both margins and returns higher . " 1