Toll Brothers Posts Lower Q3 Profit

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Toll Brothers Inc
TOL
reported lower earnings for its fiscal third quarter on Tuesday. The Horsham, Pennsylvania-based company reported quarterly net income of $66.7 million, or $0.36 per share, down from $97.7 million, or $0.53 per share, in the year-ago quarter. Its revenue dropped 3 percent to $1.03 billion. However, analysts were expecting earnings of $0.49 per share on revenue of $1.05 billion. The average estimate among 12 Estimize users was for earnings of $0.52 per share and revenue of $1.08 billion. Home building deliveries slipped 2 percent to 1,419 units. The average price of homes delivered shrank to $724,000 in the latest quarter, from $732,000 in the year-ago quarter. Net signed contracts climbed 30 percent year-over-year in dollars to $1.23 billion, while net signed contracts gained 12 percent in units to 1,479 units. Backlog rose 19 percent in dollars to $3.69 billion and increased 6 percent in units to 4,447 units. Its gross margin narrowed to 19.8 percent from 22.7 percent. Toll Brothers ended the quarter with 267 selling communities, versus 256 at the end of year-ago quarter. Douglas C. Yearley, Jr., Toll Brothers' chief executive officer said, "Most of our markets around the country continue to perform well. We remain especially pleased with the performance of our Northern and Southern California communities. Our operations in New York City (which include joint ventures), Seattle, Dallas and Nevada are also showing particularly strong backlogs." "With our great land positions, well-established brand, broad product and geographic diversification and solid financial footing, we are very optimistic about the future. We believe we have significant room for growth and increased profitability in FY 2016 and beyond," the executive added. For the fourth quarter, Toll Brothers projects deliveries of 1,645 to 1,945 units with an average price of $780,000 to $800,000. For full FY 2015, the company expects deliveries of 5,350 to 5,650 units with an average price of $745,000 to $760,000. Toll Brothers shares fell 4.66 percent to close at $38.09 yesterday.
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Posted In: EarningsNewsGuidanceprofit
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