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"Based on our third quarter outperformance and our expectations for the fourth quarter, we are raising our full year guidance across all key home building metrics, including adjusted gross margin, which we now expect to be approximately 28.3% for the full year. We also expect to earn between $14.50 and $14.75 per diluted share with a return on beginning equity of approximately 22.5%.
"We remain on target to achieve our goal of operating from 410 communities by fiscal year end, representing 11% community count growth this year. At the end of the third quarter, we owned or controlled 72,700 lots, providing us sufficient land to grow community count in fiscal 2025 and beyond. We have a healthy balance sheet with low net debt, no significant near-term debt maturities and ample liquidity. In our third quarter, we repurchased $246 million of common stock, bringing our year-to-date repurchases to $427 million. We continue to generate strong operating cash flows and we are
increasing our expected share repurchase total for fiscal 2024 from $500 million to $600 million as we continue to both return capital to shareholders and invest in growth."
Fourth Quarter and FY 2024 Financial Guidance: | ||||||
Fourth Quarter | Full Fiscal Year 2024 | |||||
Deliveries | 3,275 - 3,375 units | 10,650 - 10,750 units | ||||
Average Delivered Price per Home | $940,000 - $950,000 | $975,000 | ||||
Adjusted Home Sales Gross Margin | 27.5 | % | 28.3 | % | ||
SG&A, as a Percentage of Home Sales Revenues | 8.6 | % | 9.4 | % | ||
Period-End Community Count | 410 | 410 | ||||
Other Income, Income from Unconsolidated Entities, and Gross Margin from Land Sales and Other | $47 million | $260 million | ||||
Tax Rate | 26.0 | % | 25.4 | % |
Posted In: TOL