Toll Brothers, Inc. (NYSE:TOL) reported its first-quarter results after Tuesday's closing bell. Here's a look at the details from the report.
The Details: Toll Brothers reported quarterly earnings of $1.75 per share which missed the analyst consensus estimate of $2.04. Quarterly revenue came in at $1.85 billion which missed the analyst consensus estimate of $1.9 billion and is a decrease from revenue of $1.94 billion from the same period last year.
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“In our first quarter, we delivered 1,991 homes at an average price of approximately $925,000, generating home sales revenues of $1.84 billion. Our adjusted gross margin was 26.9% in the quarter, or 65 basis points better than guidance, and our SG&A expense, as a percentage of homebuilding revenues, was 13.1%, or 40 basis points above guidance,” said Douglas C. Yearley, Jr., CEO.
“While our net income and earnings per share came in below expectations, this was due primarily to impairments and a delay in the sale of a stabilized apartment property in one of our joint ventures. Our core homebuilding operations met expectations in the quarter,” Yearly added.
TOL Price Action: According to data from Benzinga Pro, Toll Brothers shares are down 4.94% after hours at $115.96 Tuesday.
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