22.05.2018 11:22:32
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Toll Brothers Q2 Profit Misses Estimates; Revenue Up 17% YoY
(RTTNews) - Toll Brothers, Inc. (TOL) reported second-quarter net income of $111.8 million, or $0.72 per share, compared to $124.6 million, or $0.73 per share, prior year. On average, 19 analysts polled by Thomson Reuters expected the company to report profit per share of $0.76 for the quarter. Analysts' estimates typically exclude special items.
Second-quarter revenues were $1.60 billion, the highest second quarter ever - up 17%; home building deliveries were 1,886 units - up 15%. Analysts expected revenue of $1.58 billion for the quarter.
Douglas Yearley, Jr., CEO, said: "Our double-digit dollar growth in revenues, contracts and backlog reflects the health of the luxury new home market. We had another solid spring selling season. The value of signed contracts, the highest quarter in our history, rose 18% in dollars on a 6% increase in units. On a same-store-basis, signed contracts of 9.04 per community were up 16% from last year and the highest for a second quarter since fiscal 2005. This was our eighth consecutive quarter of year-over-year same-store contract growth."
The company now estimates it will deliver between 8,000 and 8,500 homes in fiscal 2018, compared to previous guidance of 7,800 and 8,600 units. Revenues are projected to be between $6.64 billion and $7.31 billion.
The company expects third-quarter deliveries of between 2,100 and 2,200 units.
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