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Jul 31, 2020
Toll Brothers Q3 2020 Earnings Report
Toll Brothers' financial performance was highlighted by solid revenues, net income, and a substantial backlog.
Key Takeaways
Toll Brothers reported strong Q3 2020 results, including revenues of $1.63 billion, net income of $114.8 million, and a backlog of $6.09 billion. Net signed contracts were the highest in the company's history for the third quarter, driven by low interest rates and increased consumer focus on homeownership.
Net income was $114.8 million, or $0.90 per share diluted, compared to $146.3 million, or $1.00 per share diluted, in the third quarter of fiscal year 2019.
Home sales revenues totaled $1.63 billion, a 7% decrease, while home building deliveries increased by 1% to 2,022 units.
Net signed contract homes increased by 26% to 2,833, with a contract value of $2.21 billion, up 18%.
Backlog in homes at the end of the third quarter was 7,239, a 6% increase, with a backlog value of $6.09 billion, up 4%.
Forward Guidance
Toll Brothers provided guidance for the fourth quarter of fiscal year 2020, including deliveries between 2,400 and 2,550 homes, an average price between $815,000 and $835,000, and an adjusted home sales gross margin of approximately 21.5%.
Positive Outlook
- Deliveries of between 2,400 and 2,550 homes
- Average price of between $815,000 and $835,000
- Adjusted Home Sales Gross Margin of approximately 21.5%
- SG&A, as a percentage of home sales revenues, of approximately 9.0%
- Community count growth of at least 10% from FYE 2020 to FYE 2021
Historical Earnings Impact
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Avg. Return Before/After Earnings
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