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Toll Brothers (NYSE:TOL) stock climbed as much as 3.1% in Tuesday after-hours trading after the homebuilder’s fiscal Q1 results exceeded Wall Street expectations partly due to a recent pick-up in buyer confidence.
For FQ2, the company expects deliveries to be 2,050-2,150 units, compared with the Visible Alpha consensus of 1,967. Adjusted home sales gross margin is expected to be 27.0%, and it sees the average delivered price per home to be $980K-$1M.
“Our balance sheet is solid, we have ample liquidity, and we expect to generate significant cash flow from operations in FY 2023,” said Chairman and CEO Douglas C. Yearley. “This should enable us to continue reducing debt and returning cash to stockholders throughout the year.”
FQ1 EPS of $1.70, exceeding the $1.39 average analyst estimate, climbed from $1.24 in the year-ago quarter.
Revenue of $1.78B for the three months ended Jan. 31, 2023, beating the $1.74B consensus, slipped from $1.79B for the three months ended Jan. 31, 2022.
Adjusted home sales gross margin came in at 27.5% vs. 25.6% a year before.
Backlog ended at $8.58B and 7,733 units compared with $10.80B and 11,302 units in the year-earlier period. Average price per home in backlog was $1.11M vs. $956K in FQ1 2022.
Conference call on Feb. 22 at 8:30 a.m. ET.
Earlier, Toll Brothers GAAP EPS of $1.70 beats by $0.31, revenue of $1.78B beats by $40M.
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