Market Updates
Toll Brothers Net Signed Contract Value Plunged 44%
Scott Peters
24 Aug, 2022
New York City
Toll Brothers Inc increased 2.6% to $46.89 and the luxury home builder lowered its guidance for the year citing supply chain problems and labor shortages.
Fiscal third quarter 2022 revenues rose 1% to $2.3 billion and the delivered homes declined 7% to 2,414.
The company missed its own estimate of delivering 2,750 homes in the fiscal third quarter.
However, gross margin increased to 26.0% in the second quarter from 22.7% a year ago.
Net signed contract value plunged 44% to $1.7 billion in the third quarter and contracted homes dropped 60% to 1,266.
Net income in the quarter increased to $273.5 million or $2.35 a diluted share compared to $234.9 million or $1.87 a diluted share.
The home builder lowered its annual homes delivered outlook to between 10,000 and 10,300 from the previous estimated range between 11,000 and 11,500 units.
However, the luxury home builder raised its outlook for the average home price to $920,000 from the previous estimated range between $895,000 and $915,000.
Backlog home value increased 19% t0 $11.2 billion at third quarter and homes in backlog were up 1% to 10,725 from a year ago.
In the quarter, The company repurchased approximately 2.0 million shares of its common stock during the quarter at an average price of $44.93 a share for $91.6 million.
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