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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Toll Brothers Inc | NYSE:TOL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.41 | 0.34% | 119.52 | 123.45 | 117.91 | 119.08 | 1,702,358 | 01:00:00 |
Delaware | 001-09186 | 23-2416878 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
250 Gibraltar Road, Horsham, PA | 19044 | |||
(Address of Principal Executive Offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1* | Press release of Toll Brothers, Inc. dated August 25, 2015 announcing its financial results for the nine-month and three-month periods ended July 31, 2015. |
TOLL BROTHERS, INC. | ||||||
Dated: | August 25, 2015 | By: | /s/ Joseph R. Sicree | |||
Joseph R. Sicree Senior Vice President, Chief Accounting Officer |
FOR IMMEDIATE RELEASE | CONTACT: Frederick N. Cooper (215) 938-8312 |
August 25, 2015 | fcooper@tollbrothersinc.com |
• | FY 2015’s third-quarter net income was $66.7 million, or $0.36 per share diluted, compared to net income of $97.7 million, or $0.53 per share diluted, in FY 2014’s third quarter. |
• | Pre-tax income was $107.5 million, compared to pre-tax income of $151.3 million in FY 2014’s third quarter. Included in FY 2015’s third-quarter cost of sales were impairments of $18.0 million and a $4.9 million net increase in reserves, compared to impairments of $6.0 million and a reserve reversal of $7.0 million in FY 2014’s third quarter. |
• | Revenues of $1.03 billion and home building deliveries of 1,419 units declined 3% in dollars and 2% in units, compared to FY 2014’s third quarter. The average price of homes delivered was $724,000, compared to $732,000 in FY 2014’s third quarter. |
• | Net signed contracts of $1.23 billion and 1,479 units rose 30% in dollars and 12% in units, compared to FY 2014’s third quarter. The average price of net signed contracts was $834,000, the highest quarterly average in the Company’s history, compared to $717,000 in FY 2014’s third quarter, driven by an increase in the number and average price of California contracts. |
• | For the first four weeks of August, the start of the Company’s FY 2015 fourth quarter, net contracts were up 16% in units compared to the same period in FY 2014. |
• | Backlog of $3.69 billion and 4,447 units rose 19% in dollars and 6% in units, compared to FY 2014’s third-quarter-end backlog. This was the highest backlog for any quarter-end in eight years, dating back to FY 2007’s second-quarter end. At FY 2015's third-quarter end, the average price of homes in backlog was $829,000, compared to $737,000 at FY 2014’s third-quarter end. This was the first time that the Company’s average price in backlog at quarter end exceeded $800,000. |
• | Gross margin was 19.8% in FY 2015’s third quarter, compared to 22.7% in FY 2014’s third quarter. Excluding interest, impairments and changes in reserves, FY 2015’s third-quarter gross margin was 25.6%, compared to 26.1% in FY 2014’s third quarter. |
• | SG&A as a percentage of revenue was 11.3%, compared to 10.4% in FY 2014’s third quarter. |
• | Income from operations was 8.5% of revenue, compared to 12.3% of revenue in FY 2014’s third quarter. |
• | Other income and Income from unconsolidated entities totaled $20.0 million, compared to $21.7 million in FY 2014’s third quarter. |
• | At FY 2015’s third-quarter end, the Company had approximately 45,400 lots owned and optioned, compared to approximately 45,000 one quarter earlier and 49,000 one year ago. |
• | The Company ended its third quarter with 267 selling communities, compared to 269 at FY 2015’s second-quarter end, and 256 at FY 2014’s third-quarter end. The Company expects to end FY 2015 with between 270 and 285 selling communities. |
• | The Company expects FY 2015 fourth quarter deliveries of between 1,645 and 1,945 units with an average price of between $780,000 and $800,000. This range results in projected full FY 2015 deliveries of between 5,350 and 5,650 units with an average delivered price of between $745,000 and $760,000. |
• | The Company expects its FY 2015 fourth quarter gross margin, excluding interest, impairments, and changes in reserves, to be approximately 26.7%, resulting in a full FY 2015 gross margin projection, excluding interest, impairments and changes in reserves, of approximately 26.2%. This is 20 basis points higher than the previous FY 2015 full year guidance. The Company expects continued margin expansion in FY 2016. |
• | FY 2015’s third-quarter net income was $66.7 million, or $0.36 per share diluted, compared to FY 2014’s third-quarter net income of $97.7 million, or $0.53 per share diluted. |
• | FY 2015’s third-quarter pre-tax income was $107.5 million, compared to FY 2014’s third-quarter pre-tax income of $151.3 million. FY 2015’s third-quarter results included pre-tax inventory impairments totaling $18.0 million ($6.0 million attributable to an operating community and $12.0 million attributable to future communities) and a $4.9 million net increase in reserves. FY 2014’s third-quarter results included pre-tax inventory impairments of $6.0 million ($4.8 million attributable to an operating community and $1.2 million attributable to future communities) and a $7.0 million reserve reversal. |
• | FY 2015’s nine-month net income was $216.0 million, or $1.17 per share diluted, compared to FY 2014’s nine-month net income of $208.5 million, or $1.13 per share diluted. |
• | FY 2015’s nine-month pre-tax income was $318.0 million, compared to FY 2014’s nine-month pre-tax income of $316.0 million. |
• | FY 2015’s third-quarter total revenues of $1.03 billion and 1,419 units decreased 3% in dollars and 2% in units, compared to FY 2014’s third-quarter total revenues of $1.06 billion and 1,444 units. |
• | FY 2015’s nine-month total revenues of $2.73 billion and 3,705 units rose 7% in dollars and 3% in units, compared to FY 2014’s same period totals of $2.56 billion and 3,590 units. |
• | The Company’s FY 2015 third-quarter net contracts of $1.23 billion and 1,479 units rose by 30% in dollars and 12% in units, compared to FY 2014’s third-quarter net contracts of $949.1 million and 1,324 units. The average price of net signed contracts was $834,000, the highest quarterly average in the Company’s history, compared to $717,000 in FY 2014’s third quarter, driven by an increase in California contracts. |
• | On a per-community basis, FY 2015’s third-quarter net signed contracts were up 5% to 5.50 units, compared to third-quarter totals of 5.25 units in FY 2014, 6.24 in FY 2013 and 4.87 in FY 2012. |
• | The Company’s FY 2015 nine-month net contracts of $3.70 billion and 4,473 units increased 27% in dollars and 12% in units, compared to net contracts of $2.93 billion and 3,989 units in FY 2014’s nine-month period. |
• | FY 2015’s third-quarter cancellation rate (current-quarter cancellations divided by current-quarter signed contracts) was 5.9%, compared to 6.6% in FY 2014’s third quarter. As a percentage of beginning-quarter backlog, FY 2015’s third-quarter cancellation rate was 2.1%, compared to 2.2% in FY 2014’s third quarter. |
• | FY 2015, third-quarter-end backlog of $3.69 billion and 4,447 units increased 19% in dollars and 6% in units, compared to FY 2014’s third-quarter-end backlog of $3.10 billion and 4,204 units. At third-quarter end, the average price of homes in backlog was $829,000, compared to $737,000 at FY 2014’s third-quarter end. This was the first time that the Company’s average price in backlog at quarter end exceeded $800,000. |
• | The Company reported a third quarter FY 2015 gross margin of 19.8% compared to 22.7% in FY 2014’s third quarter. FY 2015’s third-quarter gross margin, excluding interest, impairments and changes in reserves, was 25.6%, compared to 26.1% in FY 2014’s third quarter. |
• | Interest included in cost of sales was 3.6% of revenues in FY 2015’s third quarter, compared to 3.5% in FY 2014’s third quarter. |
• | Reflecting the continued growth in backlog, contracts and joint ventures, SG&A as a percentage of revenue was 11.3% in FY 2015’s third quarter, compared to 10.4% in FY 2014’s third quarter. |
• | Income from operations of $87.4 million represented 8.5% of revenues in FY 2015’s third quarter, compared to $129.6 million and 12.3% of revenues in FY 2014’s third quarter. |
• | Income from operations of $250.9 million represented 9.2% of revenues in FY 2015’s nine-month period, compared to $229.5 million and 9.0% of revenues in FY 2014’s nine-month period. |
• | Other income and Income from unconsolidated entities in FY 2015’s third quarter totaled $20.0 compared to $21.7 million in FY 2014’s same quarter. |
• | Other income and Income from unconsolidated entities in FY 2015’s nine-month period totaled $67.1 million, including an $8.1 million gain from the sale of home security accounts to a third party by the Company’s wholly-owned Westminster Security Company, compared to $86.6 million in FY 2014’s same period, which included a $12.0 million gain associated with the refinancing of a stabilized, mature apartment community and $23.5 million related to the sale of two shopping centers in which Toll Brothers was a 50% partner. |
• | In FY 2015’s third quarter, unconsolidated entities in which the Company had an interest delivered $24.6 million of homes, compared to $16.4 million in the third quarter of FY 2014. In FY 2015’s first nine months, unconsolidated entities in which the Company had an interest delivered $60.9 million of homes, compared to $39.6 million in the same nine-month period of FY 2014. The Company recorded its share of the results from these entities’ operations in “Income from Unconsolidated Entities” on the Company’s Statement of Operations. |
• | In FY 2015’s third quarter, unconsolidated entities in which the Company had an interest signed contracts for $72.4 million of homes, compared to $75.5 million in the third quarter of FY 2014. In FY 2015’s first nine months, unconsolidated entities in which the Company had an interest signed contracts for $185.6 million of homes, compared to $243.2 million in the same nine-month period of FY 2014. |
• | At July 31, 2015, unconsolidated entities in which the Company had an interest had a backlog of $409.2 million, compared to $249.9 million at July 31, 2014. |
• | In FY 2015’s third quarter and first nine months, the Company’s Gibraltar Capital and Asset Management subsidiary reported pre-tax income of $0.8 million and $6.3 million respectively, compared to FY 2014’s third quarter and first nine-month results of $5.1 million and $11.0 million. |
• | The Company ended its FY 2015 third quarter with $404.8 million of cash and marketable securities, compared to $542.2 million at 2015’s second-quarter end and $386.7 million at FY 2014’s third-quarter end. At FY 2015’s third-quarter end, it had $711.2 million available under its $1.035 billion 15-bank credit facility, which matures in August 2018. |
• | On May 15, 2015, the Company retired, at maturity, its $300 million, 5.15% 10-year bonds using $50 million of cash and $250 million drawn from its $1.035 billion, 15-bank credit facility. Since the Company currently capitalizes all of its interest incurred, the benefit of this retirement of debt will be realized in Income Statements in FY 2016 and beyond. |
• | The Company’s Stockholders’ Equity at FY 2015’s third-quarter end was $4.12 billion, compared to $3.80 billion at FY 2014’s third-quarter end. |
• | The Company ended FY 2015’s third quarter with a net debt-to-capital ratio(1) of 40.6%, compared to 40.8% at FY 2015’s second-quarter end, and 43.3% at FY 2014’s third-quarter end. |
• | The Company ended FY 2015’s third quarter with approximately 45,400 lots owned and optioned, compared to 45,000 one quarter earlier, 49,000 one year earlier and 91,200 at its peak at FY 2006’s second-quarter end. At 2015’s third-quarter end, approximately 35,700 of these lots were owned, of which approximately 16,000 lots, including those in backlog, were substantially improved. |
• | In the third quarter of FY 2015, the Company spent approximately $86.3 million on land to purchase 887 lots. |
• | The Company ended FY 2015’s third quarter with 267 selling communities, compared to 269 at FY 2015’s second-quarter end and 256 at FY 2014’s third-quarter end. The Company now expects to end FY 2015 with between 270 and 285 selling communities compared to previous guidance of 270 to 310 communities. |
• | Based on FY 2015’s third-quarter-end backlog and the pace of activity at its communities, the Company expects FY 2015 fourth quarter deliveries of between 1,645 and 1,945 units with an average price of between $780,000 and $800,000. This range results in narrowed delivery guidance of between 5,350 and 5,650 homes in full FY 2015 (from 5,300 to 5,900 homes previously), with an average price of between $745,000 and $760,000 per home. |
• | The Company expects its FY 2015 fourth-quarter gross margin, excluding interest, impairments, and changes in reserves, to be approximately 26.7%. This increases its full FY 2015 gross margin guidance (excluding interest, impairments, and changes in reserves) to 26.2%, which is 20 basis points higher than the previous FY 2015 full year guidance. |
• | The Company expects SG&A as a percentage of revenues to be approximately 8.8%, which results in full FY 2015 SG&A as a percentage of revenue of approximately 11.0%, which is consistent with FY 2014. |
(1) | Net debt-to-capital is calculated as total debt minus mortgage warehouse loans minus cash and marketable securities, divided by total debt minus mortgage warehouse loans minus cash and marketable securities plus stockholders' equity. |
July 31, 2015 | October 31, 2014 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 394,808 | $ | 586,315 | |||
Marketable securities | 10,008 | 12,026 | |||||
Restricted cash | 17,920 | 18,342 | |||||
Inventory | 6,990,878 | 6,490,321 | |||||
Property, construction and office equipment, net | 138,597 | 143,010 | |||||
Receivables, prepaid expenses and other assets | 275,759 | 251,572 | |||||
Mortgage loans held for sale | 127,405 | 101,944 | |||||
Customer deposits held in escrow | 48,296 | 42,073 | |||||
Investments in unconsolidated entities | 334,925 | 447,078 | |||||
Investments in foreclosed real estate and distressed loans | 59,459 | 73,800 | |||||
Deferred tax assets, net of valuation allowances | 232,840 | 250,421 | |||||
$ | 8,630,895 | $ | 8,416,902 | ||||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Loans payable | $ | 866,876 | $ | 654,261 | |||
Senior notes | 2,356,068 | 2,655,044 | |||||
Mortgage company loan facility | 100,000 | 90,281 | |||||
Customer deposits | 299,611 | 223,799 | |||||
Accounts payable | 242,770 | 225,347 | |||||
Accrued expenses | 579,268 | 581,477 | |||||
Income taxes payable | 60,316 | 125,996 | |||||
Total liabilities | 4,504,909 | 4,556,205 | |||||
Equity: | |||||||
Stockholders’ Equity | |||||||
Common stock | 1,779 | 1,779 | |||||
Additional paid-in capital | 728,501 | 712,162 | |||||
Retained earnings | 3,448,039 | 3,232,035 | |||||
Treasury stock, at cost | (54,438 | ) | (88,762 | ) | |||
Accumulated other comprehensive loss | (2,900 | ) | (2,838 | ) | |||
Total stockholders' equity | 4,120,981 | 3,854,376 | |||||
Noncontrolling interest | 5,005 | 6,321 | |||||
Total equity | 4,125,986 | 3,860,697 | |||||
$ | 8,630,895 | $ | 8,416,902 |
Nine Months Ended July 31, | Three Months Ended July 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenues | $ | 2,734,046 | $ | 2,560,912 | $ | 1,028,011 | $ | 1,056,857 | |||||||
Cost of revenues | 2,152,938 | 2,019,262 | 824,394 | 817,232 | |||||||||||
Selling, general and administrative expenses | 330,174 | 312,171 | 116,175 | 109,981 | |||||||||||
2,483,112 | 2,331,433 | 940,569 | 927,213 | ||||||||||||
Income from operations | 250,934 | 229,479 | 87,442 | 129,644 | |||||||||||
Other: | |||||||||||||||
Income from unconsolidated entities | 17,080 | 38,192 | 5,952 | 950 | |||||||||||
Other income - net | 50,005 | 48,373 | 14,070 | 20,731 | |||||||||||
Income before income taxes | 318,019 | 316,044 | 107,464 | 151,325 | |||||||||||
Income tax provision | 102,015 | 107,536 | 40,715 | 53,618 | |||||||||||
Net income | $ | 216,004 | $ | 208,508 | $ | 66,749 | $ | 97,707 | |||||||
Income per share: | |||||||||||||||
Basic | $ | 1.22 | $ | 1.17 | $ | 0.38 | $ | 0.55 | |||||||
Diluted | $ | 1.17 | $ | 1.13 | $ | 0.36 | $ | 0.53 | |||||||
Weighted-average number of shares: | |||||||||||||||
Basic | 176,443 | 177,591 | 176,797 | 178,217 | |||||||||||
Diluted | 184,692 | 185,944 | 185,133 | 186,501 |
Nine Months Ended July 31, | Three Months Ended July 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Impairment charges recognized: | |||||||||||||||
Cost of sales - land owned/controlled for future communities | $ | 13,279 | $ | 2,198 | $ | 11,969 | $ | 1,192 | |||||||
Cost of sales - operating communities | 18,000 | 7,700 | 6,000 | 4,800 | |||||||||||
$ | 31,279 | $ | 9,898 | $ | 17,969 | $ | 5,992 | ||||||||
Depreciation and amortization | $ | 17,667 | $ | 16,690 | $ | 5,895 | $ | 5,594 | |||||||
Interest incurred | $ | 117,896 | $ | 123,267 | $ | 37,438 | $ | 40,638 | |||||||
Interest expense: | |||||||||||||||
Charged to cost of sales | $ | 94,942 | $ | 91,766 | $ | 36,989 | $ | 37,181 | |||||||
Charged to other income - net | 2,795 | 1,876 | 1,057 | 836 | |||||||||||
$ | 97,737 | $ | 93,642 | $ | 38,046 | $ | 38,017 | ||||||||
Home sites controlled: | |||||||||||||||
Owned | 35,713 | 38,320 | |||||||||||||
Optioned | 9,662 | 10,717 | |||||||||||||
45,375 | 49,037 |
July 31, 2015 | October 31, 2014 | ||||||
Land and land development costs | $ | 2,495,229 | $ | 2,716,950 | |||
Construction in progress | 3,960,669 | 3,292,056 | |||||
Sample homes | 343,598 | 264,219 | |||||
Land deposits and costs of future development | 171,532 | 200,495 | |||||
Other | 19,850 | 16,601 | |||||
$ | 6,990,878 | $ | 6,490,321 |
North: | Connecticut, Illinois, Massachusetts, Michigan, Minnesota, New Jersey and New York |
Mid-Atlantic: | Delaware, Maryland, Pennsylvania and Virginia |
South: | Florida, North Carolina and Texas |
West: | Arizona, California, Colorado, Nevada, and Washington |
Three Months Ended July 31, | |||||||||||||||||||||
Units | $ (Millions) | Average Price Per Unit $ | |||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
HOME BUILDING REVENUES | |||||||||||||||||||||
North | 287 | 270 | $ | 180.7 | $ | 163.5 | $ | 629,600 | $ | 605,700 | |||||||||||
Mid-Atlantic | 364 | 319 | 228.3 | 202.8 | 627,200 | 635,700 | |||||||||||||||
South | 299 | 331 | 233.5 | 239.9 | 780,900 | 724,800 | |||||||||||||||
West | 389 | 444 | 325.0 | 381.7 | 835,400 | 859,500 | |||||||||||||||
Traditional Home Building | 1,339 | 1,364 | 967.5 | 987.9 | 722,600 | 724,200 | |||||||||||||||
City Living | 80 | 80 | 60.5 | 69.0 | 756,400 | 862,400 | |||||||||||||||
Total consolidated | 1,419 | 1,444 | $ | 1,028.0 | $ | 1,056.9 | $ | 724,500 | $ | 731,900 | |||||||||||
CONTRACTS | |||||||||||||||||||||
North | 271 | 270 | $ | 190.1 | $ | 173.0 | $ | 701,400 | $ | 640,700 | |||||||||||
Mid-Atlantic | 353 | 303 | 221.8 | 187.6 | 628,300 | 619,200 | |||||||||||||||
South | 247 | 322 | 200.5 | 238.1 | 812,000 | 739,400 | |||||||||||||||
West | 578 | 386 | 561.6 | 298.6 | 971,600 | 773,700 | |||||||||||||||
Traditional Home Building | 1,449 | 1,281 | 1,174.0 | 897.3 | 810,200 | 700,500 | |||||||||||||||
City Living | 30 | 43 | 59.9 | 51.8 | 1,995,500 | 1,203,800 | |||||||||||||||
Total consolidated | 1,479 | 1,324 | $ | 1,233.9 | $ | 949.1 | $ | 834,300 | $ | 716,800 | |||||||||||
BACKLOG | |||||||||||||||||||||
North | 970 | 984 | $ | 638.6 | $ | 624.9 | $ | 658,300 | $ | 635,100 | |||||||||||
Mid-Atlantic | 893 | 970 | 568.8 | 598.7 | 637,000 | 617,200 | |||||||||||||||
South | 941 | 1,033 | 770.2 | 759.6 | 818,500 | 735,300 | |||||||||||||||
West | 1,527 | 998 | 1,488.8 | 814.9 | 975,000 | 816,600 | |||||||||||||||
Traditional Home Building | 4,331 | 3,985 | 3,466.4 | 2,798.1 | 800,400 | 702,200 | |||||||||||||||
City Living | 116 | 219 | 221.9 | 301.5 | 1,913,300 | 1,376,600 | |||||||||||||||
Total consolidated | 4,447 | 4,204 | $ | 3,688.3 | $ | 3,099.6 | $ | 829,400 | $ | 737,300 |
Nine Months Ended July 31, | |||||||||||||||||||||
Units | $ (Millions) | Average Price Per Unit $ | |||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
HOME BUILDING REVENUES | |||||||||||||||||||||
North | 735 | 718 | $ | 463.1 | $ | 428.4 | $ | 630,100 | $ | 596,700 | |||||||||||
Mid-Atlantic | 929 | 865 | 579.2 | 552.3 | 623,500 | 638,500 | |||||||||||||||
South | 824 | 841 | 611.3 | 576.6 | 741,900 | 685,600 | |||||||||||||||
West | 1,075 | 1,025 | 895.4 | 889.5 | 832,900 | 867,800 | |||||||||||||||
Traditional Home Building | 3,563 | 3,449 | 2,549.0 | 2,446.8 | 715,400 | 709,400 | |||||||||||||||
City Living | 142 | 141 | 185.0 | 114.1 | 1,302,800 | 809,200 | |||||||||||||||
Total consolidated | 3,705 | 3,590 | $ | 2,734.0 | $ | 2,560.9 | $ | 737,900 | $ | 713,300 | |||||||||||
CONTRACTS | |||||||||||||||||||||
North | 827 | 754 | $ | 537.1 | $ | 490.8 | $ | 649,500 | $ | 650,900 | |||||||||||
Mid-Atlantic | 992 | 933 | 628.5 | 578.1 | 633,600 | 619,600 | |||||||||||||||
South | 802 | 918 | 658.3 | 662.7 | 820,800 | 721,900 | |||||||||||||||
West | 1,738 | 1,222 | 1,687.0 | 1,005.9 | 970,700 | 823,200 | |||||||||||||||
Traditional Home Building | 4,359 | 3,827 | 3,510.9 | 2,737.5 | 805,400 | 715,300 | |||||||||||||||
City Living | 114 | 162 | 191.8 | 188.2 | 1,682,500 | 1,161,700 | |||||||||||||||
Total consolidated | 4,473 | 3,989 | $ | 3,702.7 | $ | 2,925.7 | $ | 827,800 | $ | 733,400 |
Units | $ (Millions) | Average Price Per Unit $ | |||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
Three months ended July 31, | |||||||||||||||||||||
Revenues | 26 | 21 | $ | 24.6 | $ | 16.4 | $ | 946,000 | $ | 778,900 | |||||||||||
Contracts | 42 | 34 | $ | 72.4 | $ | 75.5 | $ | 1,723,900 | $ | 2,221,300 | |||||||||||
Nine months ended July 31, | |||||||||||||||||||||
Revenues | 75 | 49 | $ | 60.9 | $ | 39.6 | $ | 811,400 | $ | 807,800 | |||||||||||
Contracts | 107 | 121 | $ | 185.6 | $ | 243.2 | $ | 1,734,400 | $ | 2,010,300 | |||||||||||
Backlog at July 31, | 167 | 134 | $ | 409.2 | $ | 249.9 | $ | 2,450,200 | $ | 1,864,700 |
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