Toll Brothers reports strong financial results in FY 2024 Q3, exceeding guidance and setting records.

From GlobeNewswire: 2024-08-20 16:30:00

Toll Brothers, Inc. reported strong financial results for the third quarter of FY 2024. Net income was $374.6 million, with earnings per share of $3.60. The company delivered 2,814 homes, generating $2.72 billion in revenue. Adjusted gross margin exceeded guidance at 28.8%. Share repurchases totaled $245.9 million, with an expected $600 million for fiscal 2024.

Chairman and CEO Douglas C. Yearley, Jr. expressed satisfaction with the quarter’s results. Toll Brothers delivered 2,814 homes at an average price of $968,000, setting a record for third-quarter home sales revenue. Net signed contracts increased by 11% year-over-year. The company raised its full-year guidance across all key home building metrics.

Financial guidance for the fourth quarter and full fiscal year 2024 was also provided by Toll Brothers. It includes deliveries of 3,275 – 3,375 units and an average delivered price per home of $940,000 – $950,000. Adjusted home sales gross margin is expected to be 27.5% for the fourth quarter and 28.3% for the full year.

Additional information about Toll Brothers, Inc. includes the company ending the third quarter of FY 2024 with $893.4 million in cash and cash equivalents. Stockholders’ equity at the end of the quarter was $7.41 billion. The company also repurchased $246 million of common stock during the quarter. Toll Brothers ended the quarter with 404 selling communities, an increase from the previous quarter.



Read more at GlobeNewswire:: Toll Brothers Reports FY 2024 3rd Quarter Results