Toll Brothers (NYSE:TOL) beat top and bottom line estimates for its latest quarter, with results helped by strong pricing for the luxury home builder.
The Fort Washington, Pa.-based Toll said third-quarter net income and earnings per share were $640.5 million and $5.63 per share diluted, compared to net income of $374.3 million and $3.02 per share diluted in FY 2021’s fourth quarter. As previously disclosed, net income in the fourth quarter includes a $138.4 million net pre-tax benefit primarily related to the settlement of the Company's claims associated with a natural gas leak that occurred in Southern California in late 2015.
It added pre-tax income was $841.1 million, compared to $499.7 million in FY 2021’s fourth quarter.
Home sales revenues were $3.6 billion, up 21% compared to FY 2021’s fourth quarter; delivered homes were 3,765, up 13%. Net signed contract value was $1.3 billion, down 56% compared to FY 2021’s fourth quarter; contracted homes were 1,186, down 60%.
Backlog value was $8.9 billion at fourth quarter end, down 7% compared to FY 2021’s fourth quarter; homes in backlog were 8,098, down 21%.
CEO Douglas C. Yearley stated: “Despite the many challenges facing our industry over the past year, we delivered record results in FY 2022, closing the year with our strongest quarterly earnings ever. In our fourth quarter, we delivered 3,765 homes, generated home sales revenues of $3.6 billion and increased earnings by 86% to $5.63 per share diluted as compared to Q4 2021. “
TOL shares hikes $1.67, or 3.6%, to $47.61.
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