Toll Brothers Inc (NYSE:TOL) stock took a hit today despite it beating earnings estimates for its fiscal third quarter of 2017.
The company reported earnings per share of 87 cents for its fiscal third quarter of 2017. This is an increase over Toll Brothers Inc’s earnings per share of 61 cents from the same time last year. It also beat out Wall Street’s earnings per share of 69 cents for the quarter.
Toll Brothers Inc reported revenue of $1.50 billion in its fiscal third quarter of 2017. This is up from its revenue of $1.27 billion in its fiscal third quarter of 2016. However, it was bad news for TOL stock by coming in below analysts’ revenue estimate of $1.51 billion for the quarter.
Net income reported by Toll Brothers Inc in its fiscal third quarter of the year was $343.62 million. This is better than its net income of $267.72 million that was reported in the same period of the year prior.
Toll Brothers Inc also updated its outlook for the fiscal full year of 2017. It now expects revenue for the year to range from $5.6 billion to $6.0 billion. Wall Street is expecting the company to report revenue of $5.92 billion for the fiscal full year of 2017.
“We had been prepared to increase the mid-point of our FY 2017 delivery guidance by 100 units, from a mid-point of 7,200 units to 7,300, but our full year delivery projection was negatively impacted by 150 homes which will now be delivered in FY 2018 due to the floor joist recall by a major lumber manufacturer that has affected many builders in the industry,” Toll Brothers Inc CFO Martin Connor said in a statement.
TOL stock was down 3% as of noon Tuesday, but is up 19% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
