Homebuilders Surge On Toll Brothers' Positive Sales

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Homebuilder stocks surged Monday amid a stronger than expected Q4 sales report from Toll Brothers Inc. (NYSE: TOL).

According to the company’s press release, preliminary FY 2014's fourth-quarter total revenues came in at $1.35 billion, higher than the $1.31 billion that was estimated.

Sales of 1,807 units increased 29 percent in dollars and 22 percent in units, compared to FY 2013's fourth-quarter results of $1.04 billion and 1,485 units.

The average price of homes delivered was $747,000, compared to $732,000 in FY 2014's third quarter and $703,000 in FY 2013's fourth quarter.

Toll Brothers Inc shares surged to $33.13 Monday, up 2.82 percent.

Hovnanian Enterprises, Inc. HOV received a boost from the Toll Brothers announcement, trading at $3.93 Monday afternoon, up 4.24 percent.

PulteGroup, Inc. PHM also traded higher, surging 1.80 percent to $20.32.

The stronger sales may indicate that the “Hope Trade” predicted by analysts is coming to fruition.


 

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Posted In: EarningsNews
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