TOL +3.76 to 90.97, a new all time high after posting strong Oct Q4 results .... homebuilders have had a great year but still look cheap in view of falling mortgage rates -
briefing -
Toll Brothers beats by $0.39, beats on revs, guides for Q1 deliveries of 1,800-1,900 units, FY24 deliveries of 9,850-10,350 units (87.21 0.00) :
Reports Q4 (Oct) earnings of $4.11 per share, $0.39 better than the FactSet Consensus of $3.72; revenues fell 18.6% year/year to $3.02 bln vs the $2.78 bln FactSet Consensus.
Delivered homes were 2,755, down 27%, above its guidance of 2,650-2,750 units.
Adjusted home sales gross margin, which excludes interest and inventory write-downs, was 29.1%, compared to FY 2022's fourth quarter adjusted home sales gross margin of 29.0%.
Guidance: For Q1, TOL sees deliveries of 1,800-1,900 units, adj. home sales gross margin of 28.0%, and average delivered price per home of $985,000-$1,005,000. For FY24, sees deliveries of 9,850-10,350, adj. home sales gross margin of 27.9%, average delivered price per home of $940,000-$960,000.
