Dallas, Texas 01/01/2014 (FINANCIALSTRENDS) – U.S. homebuilder Toll Brothers Inc (NYSE:TOL) registered adjusted income of 52 cents per scrip in the 4th quarterly period of fiscal 2013, exceeding the Zacks Consensus estimation of 42 cents by 23.8%. Adjusted earnings augmented 48.6% as compared to the same quarterly period of the year 2012 on account of top-line expansion.
The firm recorded income of $1.04 billion during the 4th quarterly period of fiscal 2013, up 65.0% y-o-y, driven by volume expansion and forceful valuation. Reported income also exceeded the Zacks Consensus estimation of around $977 million by 6.1%.
The company exceeded both income and earnings approximations during the fourth quarterly period of fiscal 2013 attributable to forceful pricing and augmented figure of residences delivered, both of which surpassed the firm’s guided range by a broad margin.
Homebuilding income and orders
The figure of home constructing deliveries augmented to 1,485 units during the fourth quarterly period of fiscal 2013, up 36% y-o-y, attributable to an increase in demand plus low rivalry for luxury houses. The number of residences delivered surpassed management’s guided range of 1,225 to 1,425 residences. The average cost of residences delivered remained at $703,000 in the fourth quarterly period, up 20.8% y-o-y.
Valuation during the quarter surpassed the firm’s projected range of $675,000 and $695,000. The company closed fiscal 2013 with 232 selling residential districts, up 3.6% as compared to the prior year and greater than the company’s anticipation of 225 selling communities.
The firm’s backlog remained at 3,679 homes as of Oct 31, last year, up 43% year over year. Prospective housing income from backlog increased 57% y-o-y to $2.63 billion, mainly attributable to increase in rates of backlogs.
Company sets eyss on undeveloped Rittenhouse Square lot
Toll Brothers Inc. is researching constructing a mixed-use expansion on a long-vacant spot on Ritten house Square in the city of Philadelphia.
Through a spokesperson, Toll Brothers refused to remark.