Toll Brothers beats by $0.10, reports revs in-line; narrows FY18 guidance
- Reports Q1 (Jan) GAAP earnings of $0.83 per share, $0.10 better than the Capital IQ GAAP Consensus of $0.73; revenues rose 27.7% year/year to $1.18 bln vs the $1.18 bln Capital IQ Consensus.
- FY 2018's first-quarter total revenues of $1.18 billion and 1,423 units increased 28% in dollars and 20% in units, compared to FY 2017's first-quarter total revenues of $920.7 million and 1,190 units. The average price of homes delivered increased to $826,000, due to changes in product mix, compared to $773,700 in FY 2017's first quarter.
- In FY 2018, first-quarter-end backlog of $5.58 billion and 6,250 units increased 28% in dollars and 21% in units, compared to FY 2017's first-quarter-end backlog of $4.35 billion and 5,145 units. The average price of homes in backlog was $892,200, compared to $844,500 at FY 2017's first-quarter end.
- Co issues in-line guidance for FY18, sees FY18 revs of $6.4-7.4 bln (Prior $6.24-7.48 bln) vs. $6.9 bln Capital IQ Consensus Estimate. Based on FY 2018's first-quarter-end backlog and the pace of activity at its communities, the Company now estimates it will deliver between 7,800 and 8,600 homes in FY 2018, compared to previous guidance of 7,700 and 8,700 units. It now believes the average delivered price for FY 2018 will be between $820,000 and $860,000 per home.
- Q2: The Company expects FY 2018 second-quarter deliveries of between 1,825 and 1,925 units with an average price of between $825,000 and $850,000.