Toll Brothers reported fiscal-fourth-quarter earnings and revenue that surpassed analysts' expectations.
For the quarter ended Oct. 31, the luxury-home builder company’s earnings came in at $1.41 a share, compared to the $1.29 expected by analysts polled by FactSet. The EPS was, however, down -32% from the year-ago quarter.
Revenue fell -3.1% year-over-year to $2.38 billion, but exceeded analysts’ estimate of $2.19 billion.
Contracts were up +18% in units and 12% in dollars, for the fourth quarter.
Chairman and Chief Executive Douglas Yearley Jr. emphasized that October housing starts were the strongest since July 2007, while the supply of homes on the market "remains constrained." He also hinted at tailwinds from healthy consumer confidence and interest rates, and low unemployment rate.
For the first fiscal quarter, Toll Brothers projects deliveries of 1,650 to 1,850 homes, with an average price in the range of $800,000 to $820,000.