KB Home's (KBH) lower-than-expected outlook reflects continued pressure on profitability, Oppenheimer said in a Thursday research report.

Although the company posted a fiscal Q4 beat, deliveries and net orders decreased while gross margin fell short of expectations due to pricing pressures, elevated land costs, and seasonality, analysts wrote.

For fiscal Q1, management expects nearly a 150 basis-point sequential seasonal fixed cost deleverage and pressure from product mix, according to the note.

The brokerage said it had a perform rating on the stock.

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