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Toll Brothers Inc (NYSE:TOL) reported third-quarter financial results that topped analyst expectations after the market close on Tuesday. Here’s a look at how the homebuilder fared during quarter.
Q3 Earnings: Toll Brothers reported third-quarter revenue of $2.73 billion, beating the consensus estimate of $2.71 billion, according to Benzinga Pro. The luxury homebuilder reported adjusted earnings of $3.60 per share, beating analyst estimates of $3.31 per share.
Home sales revenues were up 2% year-over-year to $2.72 billion as homes delivered jumped 11% to 2,814. Net signed contract value increased 11% year-over-year and contracted homes grew 11% to 2,490. Toll Brothers ended the quarter with a backlog of $7.07 billion, down 10% year-over-year.
“Net signed contracts were up year-over-year approximately 11% in both units and dollars, with July being our strongest month in the quarter. We are also encouraged by our solid deposit and traffic activity through the first three weeks of August,” said Douglas Yearley Jr., chairman and CEO of Toll Brothers.
“With mortgage rates at their lowest point in a year and trending lower, favorable demographics, and continued imbalance in the supply and demand of homes for sale, we are optimistic that demand will remain solid through the end of fiscal 2024 and into 2025.”
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Outlook: Toll Brothers expects to deliver between 3,275 and 3,375 units in the fourth quarter. Adjusted home sales gross margin is expected to come in at 27.5%.
Toll Brothers also said it raised its full-year guidance across all key home-building metrics. The company expects to deliver between 10,650 and 10,750 units in full-year 2024. Toll Brothers anticipates adjusted home sales gross margin of 28.3% for the full year. The company expects full-year earnings of $14.50 to $14.75 per share versus estimates of $14.20 per share.
Management will hold a conference call to discuss these results Wednesday morning at 8:30 a.m. E.T.
TOL Price Action: Toll Brothers shares were up 0.81% in after-hours, trading at $134.60 at the time of publication Tuesday, according to Benzinga Pro.
Photo: Sundry Photography from Shutterstock.
Posted In: TOL
