Toll Brothers reported record-breaking results in the second quarter of FY 2024.

From GlobeNewswire: 2024-05-21 16:30:00

Toll Brothers, Inc. reported record-breaking results for the second quarter of FY 2024. Net income was $481.6 million, with earnings per share at $4.55. Pre-tax income increased to $649.8 million, with home sales revenues reaching $2.65 billion. The company signed contracts for $2.94 billion, up 29% from FY 2023. Backlog value was $7.38 billion.

The company’s adjusted home sales gross margin was 28.2%, SG&A expenses decreased to 9.0%, and income from operations reached $623.5 million. Toll Brothers signed 3,041 contracts for $2.9 billion in the second quarter, representing a significant increase. The strong demand for new homes drove the company’s revenue growth and higher operating margins.

Toll Brothers provided financial guidance for the third quarter and full FY 2024. They expect deliveries between 2,750 to 2,850 units in Q3 and 10,400 to 10,800 units for the full fiscal year. Average home prices are estimated between $950,000 to $970,000. Adjusted home sales gross margin for FY 2024 is expected to be 28.0%.

The company ended the second quarter with a healthy balance sheet, low net debt, and ample liquidity. They repurchased $181 million of common stock and increased their quarterly dividend by 10%. Toll Brothers is confident in their growth strategies and financial stability, aiming to generate attractive returns for their stockholders well into the future.



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