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Homebuilders In Focus Following Toll Earnings, Ahead Of Housing Data

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Homebuilders In Focus Following Toll Earnings, Ahead Of Housing Data

Toll Brothers Inc (NYSE: TOL), a leader in the homebuilders sector, beat revenue estimates and raised guidance Tuesday morning, sending shares up during the pre-market session. The company saw FY16 revenue at $4.96–$5.27 billion versus estimates of $5.04 billion while reporting Q3 revenue of $1.269 billion versus $1.25 billion estimates. EPS was reported in line with estimates.

The revenue and guidance surprise continued the market's focus on homebuilders, as key housing statistics were expected to release Tuesday and Wednesday morning. Toll Brother's strength could be hinting toward positive housing metrics, despite experts' modest forecasts.

Housing Data

Experts forecast new home sales of 580,000, down 2 percent on a month-to-month basis. Additional forecasts had the house price index experiencing a gain of 0.3 percent and existing home sales down 0.4 percent month-over-month at 5.51 million. New home sales were expected to be released at 10 a.m. Tuesday, while the housing index and existing home sales were expected to release at 9 and 10 a.m. Wednesday, respectively.

Related Link: Existing Home Sales Data Shoes A Strong Appetite For Homebuying

Other homebuilder names such as PulteGroup, Inc. (NYSE: PHM) and Ryland Group Inc (NYSE: RYL) were moving in Tuesday's pre-market session along with Toll Brothers as investors geared up for key statistic reporting.

At the time of writing, Toll Brothers traded at $29.95, up 2.11 percent in Tuesday's pre-market session.

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Posted-In: homebuildersEarnings News Guidance Econ #s Movers Real Estate Best of Benzinga

 

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