by Christopher Freeburn | August 22, 2012 10:19 am
Toll Brothers (NYSE:TOL) announced on Wednesday that it earned $61.6 million during its fiscal third quarter, up 46% from $42.1 million in the same period last year.
The luxury homebuilder recorded revenue of $554.3 million, up 41% from $394.3 million in 2011, and handily topped the $515.2 million Wall Street had predicted, the Associated Press noted.
EPS for the quarter was 36 cents a share, up from 25 cents last year, and well ahead of the 18 cents a share analysts had estimated.
Company officials said they were seeing the most “sustained demand” for homes in five year. The company delivered 963 homes during the quarter, an increase of 39% from last year. Contracts for new homes jumped 57% to 1,119 units, and the company’s backlog rose 44% to 2,559 units.
Investors liked the news, sending shares of Toll Brothers up about 4% in Wednesday morning trading.
The average price of a completed home during the quarter was $576,000, up from $569,000 last year.
The company said that it expects to complete between 800 and 1,000 homes in the current quarter. That would bring total home deliveries for the year to between 3,000 and 3,200 units, generating between $1.71 billion and $1.84 billion in revenue.
Toll Brothers’ good news boosted other homebuilder stocks. Shares of Ryland Group (NYSE:RYL) and D.R. Horton (NYSE:DHI) both rose about 3%.
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