Toll Brothers reports Q3 EPS $1.26, consensus $1.03
Reports Q3 revenue $1.91B, consensus $1.81B. Reports Q3 home deliveries up 18% to 2,246 units. Reports Q3 backlog value up 22% to $6.48B and backlog units up 13% to 7,100
Toll Brothers sees FY18 revenue $6.76B-$7.22B, consensus $7B
Based on Q3-end backlog and the pace of activity at its communities, Toll Brothers now estimates it will deliver between 8,100 and 8,400 homes in FY18, compared to previous guidance of 8,000 and 8,500 units. It now believes the average delivered price for FY 2018 will be between $835,000 and $860,000 per home. The company continues to expect FY18 Other income and Income from unconsolidated entities of approximately $145 million. The company projects FY18 Adjusted Gross Margin of approximately 24.0%, which is consistent with the mid-point of its previous guidance for full FY 2018. The company revises its full FY 2018 guidance on SG&A, as a percentage of revenues, to approximately 9.8% from 10.0% and reduces its guidance on its FY 2018 tax rate to 23% from the previous range of between 23% and 25%
