Toll Brothers Reports $191.1M Profits, Orders Up 15%
Originally published by the following source: Associated Press — December 5, 2017
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Editor’s Note: The following AP article points out that while one of the nation’s leading builders posted significant net income for the fourth quarter, Wall Street expected even more. These numbers suggest national homebuilders could accommodate higher prices from their suppliers but face significant pressure from their investors.
Toll Brothers Inc. on Tuesday reported fiscal fourth-quarter earnings (ending October 31, 2017) of $191.9 million. This compared to net income of $114.4 million in the fourth quarter of 2016.
On a per-share basis, the Horsham, Pennsylvania-based company said it had profit of $1.17. While impressive, the results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.19 per share.
The home builder posted revenue of $2.03 billion in the period, which also fell short of Street forecasts. Six analysts surveyed by Zacks expected $2.08 billion.
For the year, the company reported profit of $535.5 million, or $3.17 per share. Revenue was reported as $5.82 billion.
Toll Brothers expects full-year revenue in the range of $6.24 billion to $7.48 billion.
Toll Brothers shares have climbed 63 percent since the beginning of the year. The stock has increased 73 percent in the last 12 months.