Luxury U.S. homebuilder Toll Brothers (TOL) has reported better-than-expected fiscal fourth-quarter financial results.
The Pennsylvania-based company posted earnings per share (EPS) of $4.63 U.S. for the quarter ended Oct. 31, beating consensus estimates of $4.34 U.S.
Revenue in the period came in at $3.33 billion U.S., topping the $3.17 billion U.S. that was forecast on Wall Street.
The company said that it delivered 3,431 homes during the quarter, up 25% from the same period last year. Home sales revenue rose 10% from a year earlier to $3.26 billion U.S.
Despite the strong results, Toll Brothers’ backlog of homes declined from a year earlier.
The backlogs value was $6.47 billion U.S. at the end of fiscal Q4, down 7% year-over-year, while homes in backlog fell 9% to 5,996 units.
News of the backlog helped push Toll Brothers’ stock down 4% in after hours trading.
Looking ahead, Toll Brothers said it expects to deliver between 11,200 and 11,600 homes at an average price of $945,000 U.S. to $965,000 U.S. for all of fiscal 2025.
Management said that the company repurchased 1.3 million shares during fiscal Q4 and finished the quarter with $1.30 billion U.S. of cash on hand.
Before today (Dec. 10), the stock of Toll Brothers had gained 55% this year and was trading at $156.47 U.S. per share.
