Toll Brothers Q4 results top estimates; touts strong demand ahead
Investing.com - Toll Brothers reported Tuesday better-than-expected fourth-quarter results despite a tough macroeconomic backdrop amid higher mortgage rates that weighed on new home sales.
Toll Brothers (NYSE:TOL) was up 3% in after-hours trade.
Toll Brothers reported Q4 EPS of $4.11 a share on revenue of $3.02 billion. Analysts were expecting earnings of $3.71 on revenues of $2.78B.
Despite the rise in the mortgage rates, the company said it continued to see «solid demand through our fourth quarter.»
Net signed contract value was $2.01B, up 53% compared to the same period a year earlier, with contracted homes up 72% to 2,038.
For Q1, the homebuilder guided deliveries of 1,800 to 1,900 units at a average price per home of $985,000 to $1.005M.
Looking further ahead, deliveries for fiscal 2024 were forecast in a range of 8,850 to 10,350 at an average price of $940,000 to $960,000.
“As we approach the start of the spring selling season in January, we are encouraged by the recent 75 basis point drop in mortgage rates, the company said.
Read more on investing.com
