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KB Home (NYSE:KBH) stock is rising 3.1% in Wednesday after-hours trading after the homebuilder reaffirmed its FY 2022 guidance despite a moderating sales pace caused by higher mortgage rates and inflation.

"We believe the flexibility of our Built-to-Order business model will enable us to navigate these changing market conditions," said Chairman, President and CEO Jeffrey Metzger.

FY2022 guidance remains: housing revenue $7.20B-$7.60B; housing gross profit margin 25.5%-26.3%; and average selling price $490K-$500K.

"We will remain strategic in our capital allocation decisions to maximize returns in this environment,: said Metzger. "We currently own or control all of the lots we need to support our delivery targets through 2024. As a result, we are in a favorable position to calibrate our land investments to evolving conditions, without compromising our mid-term growth, providing us with opportunities to redeploy capital to stockholders."

Q2 EPS of $2.32 vs. consensus of $2.05 vs. $1.47 in Q1 and $1.50 in the year-ago quarter.

Revenue for the quarter ended May 31, 2022 was $1.72B vs. $1.66B consensus, $1.40B in the prior quarter and $1.44BB in the year-ago quarter.

Q2 average selling price of $494.3K vs. $486.1K in Q1 and $409.8K in Q2 2021. The company delivered 3,469 homes in the quarter vs. 2,868 homes in Q1 and 3,504 in Q2 2021

Ending backlog of $6.12B vs. $5.71B a the end of Q1.

Q1 adjusted housing gross profit margin of 25.3% vs. 21.1% in the previous quarter and 21.5% a year ago.

Selling, general and administrative expenses as a percentage of housing revenue was 9.8% vs. 10.2% in Q1 2022 and 9.5% in Q2 2021.

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