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Jan 31, 2024
Toll Brothers Q1 2024 Earnings Report
Toll Brothers reported a strong first quarter with increased revenues and earnings.
Key Takeaways
Toll Brothers announced its FY 2024 first quarter results, featuring a 10% increase in home sales revenues to $1.93 billion and a 32% rise in earnings per share to $2.25. The company signed 2,042 net contracts for $2.06 billion, marking a substantial increase in demand, and anticipates continued strength in the new home market.
Net income reached $239.6 million, with earnings per share at $2.25, surpassing the previous year's figures.
Home sales revenues increased by 10% to $1.93 billion, driven by the delivery of 1,927 homes.
Net signed contract value rose by 42% to $2.06 billion, indicating strong demand.
Adjusted home sales gross margin improved to 28.9%, reflecting greater operating efficiency.
Revenue by Segment
Forward Guidance
Toll Brothers raised its full year guidance across all key metrics, expecting to earn between $13.25 and $13.75 per diluted share in fiscal 2024. For the second quarter, the company anticipates delivering 2,400 to 2,500 units at an average price of $1,000,000 to $1,010,000, with an adjusted home sales gross margin of 27.6%.
Positive Outlook
- The company expects to deliver 10,000 to 10,500 units in fiscal year 2024.
- The average delivered price per home is projected to be between $940,000 and $960,000 for the full year.
- Adjusted home sales gross margin is anticipated to be 28.0% for fiscal year 2024.
- The period-end community count is expected to reach 410.
- Other income, income from unconsolidated entities, and gross margin from land sales and other is projected at $260 million for the full year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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