Fri, May 31, 8:10 PM (143 days ago)
Toll Brothers, Inc. reported a solid financial performance for the quarter ended April 30, 2024. Key highlights include a 13% increase in total revenues to $2.84 billion, driven by a 6% increase in home sales revenue to $2.65 billion. The company also recorded a significant land sale, contributing $190.5 million to revenues. Net income rose by 50% to $481.6 million, reflecting a strong demand environment and improved operational efficiencies. The number of homes delivered increased by 6% to 2,641 units, with an average delivered price of $1,002,300. Net contracts signed grew by 30% in units and 29% in value, indicating robust future demand. The backlog at quarter-end stood at $7.38 billion, down 12% year-over-year, with 7,093 homes. Operating cash flow was positive at $152.0 million, despite a decrease in cash and cash equivalents to $1.03 billion from $1.30 billion at the beginning of the fiscal year. The company also repurchased $180.1 million of its common stock and paid $47.1 million in dividends. Looking ahead, Toll Brothers remains optimistic about the housing market's fundamentals, supported by favorable demographics and supply-demand imbalances. The company expects to continue leveraging its strong financial position and operational capabilities to drive growth.