LOS ANGELES–(COMMERCIAL THREAD) – KB Home (NYSE: KBH) today announced that its board of directors has authorized an extension of the company’s share repurchase program from approximately two million shares to five million common shares of the society. Redemptions may take place periodically through open market purchases, privately negotiated transactions or otherwise, with the timing and amount at the discretion of management and depending on market, business and market conditions. other conditions.
In addition, the Board of Directors declared a quarterly cash dividend of $ 0.15 per share on the Company’s common shares, payable on August 19, 2021 to shareholders of record on August 5, 2021.
“As our business continues to generate a significant level of operating cash flow, we use a consistent and balanced approach in allocating our capital, investing in our future growth, addressing our debt maturities and repaying cash to shareholders, with one of the highest dividend yields in our industry. At the same time, we want to be positioned to buy back our shares opportunistically and this increased authorization gives us that flexibility, ”said Jeffrey Mezger, Chairman of the Board, President and CEO.
KB Home is one of the largest and most recognized home builders in the United States, and has built nearly 650,000 quality homes in our 60-year history. Today, KB Home operates in 45 markets from coast to coast. What sets KB Home apart is the exceptional personalization we offer our buyers, from first-time buyers to experienced buyers, allowing them to own their home, at a price that fits their budget. As a leader in building energy-efficient homes, KB Home was the first builder to make every home it builds ENERGY STAR® certified, an energy performance standard met by less than 10% of new homes in America, and has built more ENERGY STAR certified homes than any other builder. An energy efficient KB home lowers the cost of ownership and is designed to be healthier, more comfortable and better for the environment than homes without certification. We build strong and personal relationships with our clients so that they have a true partner in the home buying process. As a result, we have the distinction of being the # 1 national home builder ranked by customers in third party buyer satisfaction surveys. Learn more about how we build relationship-based homes by visiting kbhome.com.
Forward-looking statements and cautions
Certain matters addressed in this press release, including any statements that are predictive of or regarding future market and economic conditions, business and prospects, our future financial and operational performance, or our future actions and their expected results are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and projections regarding future events and are not guarantees of future performance. We have no specific policy or intention to update or revise forward-looking statements. Actual events and results may differ materially from those expressed or anticipated in forward-looking statements due to a number of factors. In particular, our ability to maintain our current approach to capital allocation and / or to repurchase our common shares in accordance with the authorization of our board of directors will be affected by our ability to generate free cash flow at anticipated levels and our ability to successfully implement our business strategies and achieve associated financial and operational targets and objectives. Please refer to our periodic reports and other documents filed with the Securities and Exchange Commission for a more in-depth discussion of the risks and uncertainties applicable to our business.