KB Home sees Q2 housing revenue $1.45B-$1.55B

Sees Q2 average selling price $488,000. Sees Q2 homebuilding and operating income margin 8.5%. Sees Q2 housing gross profit margin 19.1%-19.5%. Sees Q2 tax rate 24%. Says demand at the start of Spring was softer than expected. Says lowered FY25 housing revenue guidance to reflect lower level of net orders in Q1. Says views long-term outlook for housing market favorably. Says Q1 proved to be challenging for a number of reasons. Comments and guidance taken from Q1 earnings conference call.