Toll Brothers’ (TOL) stock is up 3% after the home builder reported fiscal fourth-quarter and full-year financial results that beat Wall Street estimates.
The company reported earnings per share (EPS) of $4.11 U.S. on revenue of $3 billion U.S. in its latest quarter.
For the full fiscal year, Toll Brothers announced earnings of $12.36 U.S. per share on $10 billion U.S. in sales.
Analysts had expected earnings of $3.72 U.S. a share on $2.8 billion U.S. in revenue for fiscal Q4, and full-year earnings of $11.97 U.S. a share on $9.7 billion U.S. in sales.
An expected decline in interest rates in 2024 should bode well for the spring selling season, said Toll Brothers in a written statement announcing the earnings.
The company said that it delivered 2,755 homes in its latest quarter, bringing 2023’s full year total to 9,597 deliveries and 8,077 homes under contract.
The company said that it expects deliveries to grow in 2024 amid more favourable financial conditions for would-be buyers. It foresees delivered homes in a range of 9,850 to 10,350 over the next 12 months.
Toll Brothers’ stock has increased 72% this year and currently trades at $87.21 U.S. per share.
