Toll Brothers Inc (TOL), a property development company, has reported its fiscal Q1 2016 earnings report.
Toll Brothers earnings per share for the first quarter of 2016 was 40 cents. This is down from the 44 cents per share that it reported during the same time last year. It also failed to meet Wall Street’s estimates, which came to 41 cents per share.
Toll Brothers’ revenue for Q1 2016 came in at $928.6 million. This is an increase from the $853.4 million that it reported during Q1 2015. It was also better than the $916.3 million that analysts’ were expecting from the company.
“We are narrowing the full FY 2016 range of guidance for deliveries to between 5,700 and 6,400 units,” Toll Brothers CFO Martin Conner said. “We now project that our average delivered price for the full FY 2016 will be $810,000 to $850,000 per home, which is an increase at the bottom of the range of $10,000.”
TOL shares were up 1% as of Tuesday morning.
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