TOL +2.30 to 47.05 after announcing impressive interim sales figures -
FORT WASHINGTON, Pa., Sept. 21, 2020 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE: TOL) (www.TollBrothers.com) In anticipation of upcoming meetings with investors, Toll Brothers, the nation’s leading builder of luxury homes, today announced preliminary results regarding the Company’s fourth quarter-to-date net signed new home contracts.
Midway through the Company’s FY 2020 fourth quarter, from August 1 through September 15, 2020, the Company’s net signed contracts increased 110% year-over-year to 1,678 homes, compared with 800 homes for the same period in FY 2019. Average monthly per-community demand increased 114% over the same period to 3.6 contracts-per-community from 1.7 one year earlier.
Douglas C. Yearley, Jr., chairman and chief executive officer, stated: “The strong demand in our third quarter has continued into mid-September of our fourth quarter throughout our twenty-four states and across our product lines and price points. We continue to raise prices to manage the pace of growth, offset rising costs, and maximize profitability.
“We attribute the accelerated buyer demand to a number of factors, including historically low interest rates, a continued undersupply of homes, and a growing desire for a home that can be personalized for today’s evolving lifestyles. Our luxury build-to-order business model is ideally suited to meet these trends. With our diversified product lines and well-located land, we believe we are positioned for growth in FY 2021, assuming market fundamentals remain favorable.”
