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Toll Brothers Reports Strong FY 2024 Q2 Results, Shares Rise 1.2% in After-Market Trading
Toll Brothers Reports Strong FY 2024 Q2 Results, Shares Rise 1.2% in After-Market Trading
FORT WASHINGTON, PA, May 21, 2024 -- Toll Brothers, Inc. (NYSE:TOL), the nation’s leading builder of luxury homes, announced robust financial results for its second quarter ended April 30, 2024. Following the announcement, the company’s shares increased by 1.2% in after-market trading.
FY 2024 Q2 Financial Highlights
- Net Income and EPS: Net income surged to $481.6 million, or $4.55 per diluted share, compared to $320.2 million, or $2.85 per diluted share, in the same quarter last year. This includes $124.1 million, or $1.17 per share, from the sale of land to a commercial developer. Excluding this gain, net income was $357.5 million, or $3.38 per share.
- Pre-Tax Income: Increased to $649.8 million, up from $430.6 million in FY 2023’s second quarter.
- Home Sales Revenue: Up 6% to $2.65 billion with 2,641 homes delivered, compared to $2.49 billion and 2,492 homes last year.
- Net Signed Contracts: Increased by 29% in value to $2.94 billion and 30% in units to 3,041.
- Backlog Value: Decreased by 12% to $7.38 billion with 7,093 homes, down 6% from the previous year.
- Home Sales Gross Margin: Slightly decreased to 25.8% from 26.4%. Adjusted gross margin was 28.2%, nearly unchanged from last year’s 28.3%.
- SG&A Expenses: Improved to 9.0% of home sales revenue from 9.1%.
CEO's Statement and Market Outlook
Douglas C. Yearley, Jr., Chairman and CEO, expressed satisfaction with the company’s performance: “We are very pleased with our second quarter results. Our adjusted gross margin was 28.2%, and SG&A expense as a percentage of home sales revenue was 9.0%, both better than guidance. These strong results, along with a $175 million pre-tax land sale gain, led to record second quarter earnings per share.”
Yearley attributed the success to resilient economic conditions, favorable demographics, and a lack of housing supply. He highlighted Toll Brothers’ strategy of widening its price points and increasing the supply of spec homes, which has helped grow market share and improve operational efficiency.
Financial Guidance for Q3 and FY 2024
- Q3 Deliveries: 2,750 to 2,850 units with an average price of $950,000 - $960,000.
- FY 2024 Deliveries: 10,400 to 10,800 units with an average price of $960,000 - $970,000.
- Adjusted Home Sales Gross Margin: 27.7% for Q3 and 28.0% for the full fiscal year.
- SG&A: 9.2% for Q3 and 9.6% for the full fiscal year.
Additional Information
- Cash and Liquidity: The company ended Q2 with $1.03 billion in cash and equivalents and $1.7 billion available under its revolving credit facility.
- Stock Repurchase: Toll Brothers repurchased 1.5 million shares at an average price of $120.60, totaling $181.2 million.
- Dividend Increase: The company announced a 10% increase in its quarterly dividend to $0.23 per share.
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