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Investing.com -- Toll Brothers Inc (NYSE:TOL) reported fiscal second-quarter results that topped Wall Street expectations, sending the stock up 5.8% in after-hours trading Tuesday.
For the quarter ended April 30, the luxury homebuilder posted earnings per share of $3.50, beating the consensus estimate of $2.84. Revenue rose 2% year-over-year to $2.74 billion, ahead of forecasts calling for $2.5 billion.
The company delivered 2,899 homes during the quarter, up 10% from a year ago. However, net signed contracts fell 13% to 2,650 units, reflecting a pullback in buyer demand.
“We are pleased with our second quarter results, as we delivered earnings that significantly exceeded expectations,” said Chairman and CEO Douglas C. Yearley, Jr. “Despite a softer demand environment, we generated record second-quarter home sales revenues of $2.71 billion, well above our guidance of $2.47 billion.”
Toll Brothers maintained its full-year outlook, projecting 11,200 to 11,600 home deliveries in fiscal 2025. The company ended the quarter with a backlog of 6,063 homes valued at $6.84 billion, down 15% and 7% respectively from the year-ago period.
Gross margin on home sales came in at 27.5%, down from 28.2% a year earlier, while SG&A as a percentage of home sales revenues rose to 9.5% from 9.0%. The company also repurchased 1.6 million shares during the quarter at an average price of $107.84, totaling $177.4 million.