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Toll Brothers Q2 contracts, revenue rise
NEW YORK (Reuters) - Toll Brothers Inc. (TOL.N: Quote , Profile , Research ) , a builder of luxury homes, on Tuesday said the number and value of contracts signed in its fiscal second quarter rose sharply as demand surged throughout most of the United States. Toll said its second-quarter end backlog of about $5.9 billion worth of homes under contract to be built was the highest in company history, up 57 percent from a year ago. The company, whose shares fell about 1 percent in early trading as deliveries came in weaker than expected, reported contracts rose to $2.2 billion for the quarter ended April 30, up from $1.6 billion a year earlier. Toll has benefited from continued strong demand for high-end homes, low
mortgage rates and its ability to control land in markets where land approved for building is scarce. Horsham,
pennsylvania-based Toll said it was on track to deliver 60 percent net income growth for fiscal 2005 and 20 percent growth in 2006. The company maintained its prior forecast that it will deliver between 8,050 and 8,400 homes in 2005. Analysts expect Toll to earn $8.10 a share in its 2005 fiscal year and $9.48 a share in 2006, according to Reuters Estimates. It earned $5.04 a share in 2004. Home-building revenue for the quarter rose 51 percent to $1.23 billion on delivery of 1,912 homes, a 31 percent increase from a year earlier. The value of contracts signed rose 38 percent and the number of contracts signed rose 23 percent in every U.S. region but the West Coast. Its average home price rose to $693,000 from $616,600 a year ago. Unit deliveries were 13 homes under the low end of the range of the company's most recent forecast and below what analysts had expected, while the average home price was slightly above the high end of the range. The company had forecast deliveries in the range of 1,925 to 2,025 and an average price in the range of $635,000 to $640,000. Toll can gauge its fiscal year results with a large measure of assurance as homes contracted for usually take up to 12 months to build and close. After that, the company can book the home price as revenue. "Our backlog now extends about 11 months on average, providing revenue visibility into the second quarter of fiscal 2006," Chief Executive Robert Toll said in a statement. Continued ...
Source: reuters.com