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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 | |
---|---|---|---|---|---|---|---|---|
4.17 | 3.37% | 127.80 | 127.82 | 124.3014 | 125.12 | 1,354,809 | 01:00:00 |
FY 2015 Second Quarter Financial Highlights:
Douglas C. Yearley, Jr., Toll Brothers' chief executive officer, stated: "With strong growth in the value of contracts signed and quarterly year-over-year gross margin improvement we are pleased with the way FY 2015 is unfolding. Second-quarter contracts were up 25% in dollars compared to one year ago. Contracts for the first four weeks of our third quarter were flat due to a lackluster first week. However, we have seen robust improvement in the past three weeks with contracts in units up 29% and deposits (non-binding reservations) up 33%.
"California demand remains very strong. Our communities there accounted for roughly 30% of the value of signed contracts this past quarter as we enjoyed pricing power across both Northern and Southern California. We also saw strength in Texas and New York City, and a number of our other markets.
"Our rental apartment business continues to grow. We are currently leasing up two new communities totaling 685 units - one in downtown Washington, DC and the other in suburban Philadelphia - at faster paces and higher rents than we had projected. We are currently in construction on five other communities totaling 1,833 units stretching from Massachusetts to Maryland and have more than 2,200 additional units in our pipeline.
"As we look to FY 2016, we currently expect gross margin and net income growth based on an increase in the average price of our homes, our growing and profitable presence in California, increased revenues projected from our City Living division, and overall solid current demand in most of our markets."
Martin P. Connor, Toll Brothers' chief financial officer, stated: "This quarter, our pre-impairment gross margin was better than we had expected due, in large part, to improved gross margins in California. Subject to the caveats in our Statement on Forward-Looking Information included in this release, we offer the following limited guidance. We are narrowing our previous guidance and now expect to deliver between 5,300 and 5,900 homes in FY 2015. We still expect to end FY 2015 with between 270 and 310 selling communities. We now believe the average price of deliveries for the full FY 2015 will be between $730,000 and $760,000 per home. We estimate unit backlog conversion for the third quarter at 32%. We continue to expect gross margin (pre-interest and pre-impairment) for the full FY 2015 to be approximately 26% and currently expect improved margins and net income in FY 2016."
Robert I. Toll, executive chairman, stated: "The strength of our California communities has exceeded our expectations in both price and pace since we acquired Shapell Homes about fifteen months ago. Many of our other markets have also shown improvement.
"The economy and housing continue on parallel paths of recovery. It appears the housing market is on firm footing and heading in the right direction. As pent-up demand is released, we envision a gradual and elongated recovery for housing."
The financial highlights for the second quarter and six months ended April 30, 2015 (unaudited):
(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.
Toll Brothers will be broadcasting live via the Investor Relations section of its website, www.tollbrothers.com, a conference call hosted by CEO Douglas C. Yearley, Jr. at 11:00 a.m. (EDT) today, May 27, 2015, to discuss these results and its outlook for FY 2015. To access the call, enter the Toll Brothers website, click on the Investor Relations page, and select "Conference Calls". Participants are encouraged to log on at least fifteen minutes prior to the start of the presentation to register and download any necessary software.
The call can be heard live with an online replay which will follow. MP3 format replays will be available after the conference call via the "Conference Calls" section of the Investor Relations portion of the Toll Brothers website.
Toll Brothers, Inc., A FORTUNE 1000 Company, is the nation's leading builder of luxury homes. The Company began business in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol "TOL." The Company serves move-up, empty-nester, active-adult, and second-home buyers and operates in 19 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, Texas, Virginia, and Washington, as well as in the District of Columbia.
Toll Brothers builds an array of luxury residential single-family detached, attached home, master planned resort-style golf, and urban low-, mid-, and high-rise communities, principally on land it develops and improves. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management, home security, and landscape subsidiaries. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations. The Company purchases distressed loan and real estate asset portfolios through its wholly owned subsidiary, Gibraltar Capital and Asset Management. The Company acquires and develops commercial and apartment properties through Toll Commercial and Toll Apartment Living, and the affiliated Toll Brothers Realty Trust, and develops urban low-, mid-, and high-rise for-sale condominiums through Toll Brothers City Living.
Toll Brothers was recently named as The Most Admired Home Building Company in Fortune magazine's survey of the World's Most Admired Companies for 2015. Toll Brothers was also named 2015 America's Most Trusted Home Builder™ by Lifestory Research, an award which was based on a study of 43,200 new home shoppers in the nation's top 27 housing markets. Toll Brothers was named 2014 Builder of the Year by Builder magazine, and is honored to have been awarded Builder of the Year in 2012 by Professional Builder magazine, making it the first two-time recipient. Toll Brothers proudly supports the communities in which it builds; among other philanthropic pursuits, the Company sponsors the Toll Brothers Metropolitan Opera International Radio Network, bringing opera to neighborhoods throughout the world. For more information, visit www.tollbrothers.com.
Forward Looking Statement
Information presented herein for the second quarter ended April 30, 2015 is subject to finalization of the Company's regulatory filings, related financial and accounting reporting procedures and external auditor procedures.
Certain information included in this release is forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, information related to: anticipated operating results; anticipated financial performance, resources and condition; selling communities; home deliveries; average home prices; consumer demand and confidence; contract pricing; business and investment opportunities; market and industry trends; and the anticipated benefits to be realized from the consummation of the Shapell acquisition and the related post-closing asset sales.
Such forward-looking information involves important risks and uncertainties that could significantly affect actual results and cause them to differ materially from expectations expressed herein and in other Company reports, SEC filings, statements and presentations. These risks and uncertainties include, among others: local, regional, national and international economic conditions; fluctuating consumer demand and confidence; interest and unemployment rates; changes in sales conditions, including home prices, in the markets where we build homes; conditions in our newly entered markets and newly acquired operations; the competitive environment in which we operate; the availability and cost of land for future growth; conditions that could result in inventory write-downs or write-downs associated with investments in unconsolidated entities; the ability to recover our deferred tax assets; the availability of capital; uncertainties in the capital and securities markets; liquidity in the credit markets; changes in tax laws and their interpretation; effects of governmental legislation and regulation; the outcome of various legal proceedings; the availability of adequate insurance at reasonable cost; the impact of construction defect, product liability and home warranty claims, including the adequacy of self-insurance accruals, and the applicability and sufficiency of our insurance coverage; the ability of customers to obtain financing for the purchase of homes; the ability of home buyers to sell their existing homes; the ability of the participants in various joint ventures to honor their commitments; the availability and cost of labor and building and construction materials; the cost of raw materials; construction delays; domestic and international political events; weather conditions; and the anticipated benefits to be realized from the consummation of the Shapell acquisition and the related post-closing asset sales. For a more detailed discussion of these factors, see the information under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent annual report on Form 10-K and our subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.
Any or all of the forward-looking statements included in this release are not guarantees of future performance and may turn out to be inaccurate. Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
TOLL BROTHERS, INC. AND SUBSIDIARIES | ||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
(Amounts in thousands) | ||
April 30, | October 31, | |
2015 | 2014 | |
(Unaudited) | ||
ASSETS | ||
Cash and cash equivalents | $ 532,157 | $ 586,315 |
Marketable securities | 10,015 | 12,026 |
Restricted cash | 17,962 | 18,342 |
Inventory | 6,852,388 | 6,490,321 |
Property, construction and office equipment, net | 141,143 | 143,010 |
Receivables, prepaid expenses and other assets | 258,958 | 251,572 |
Mortgage loans held for sale | 80,864 | 101,944 |
Customer deposits held in escrow | 44,399 | 42,073 |
Investments in and advances to unconsolidated entities | 339,214 | 447,078 |
Investments in distressed loans and foreclosed real estate | 65,938 | 73,800 |
Deferred tax assets, net of valuation allowances | 244,643 | 250,421 |
$ 8,587,681 | $ 8,416,902 | |
LIABILITIES AND EQUITY | ||
Liabilities: | ||
Loans payable | $ 674,817 | $ 654,261 |
Senior notes | 2,655,798 | 2,655,044 |
Mortgage company loan facility | 70,052 | 90,281 |
Customer deposits | 275,347 | 223,799 |
Accounts payable | 233,675 | 225,347 |
Accrued expenses | 586,411 | 581,477 |
Income taxes payable | 37,641 | 125,996 |
Total liabilities | 4,533,741 | 4,556,205 |
Equity: | ||
Stockholders' Equity | ||
Common stock | 1,779 | 1,779 |
Additional paid-in capital | 722,303 | 712,162 |
Retained earnings | 3,381,290 | 3,232,035 |
Treasury stock, at cost | (55,980) | (88,762) |
Accumulated other comprehensive loss | (3,051) | (2,838) |
Total stockholders' equity | 4,046,341 | 3,854,376 |
Noncontrolling interest | 7,599 | 6,321 |
Total equity | 4,053,940 | 3,860,697 |
$ 8,587,681 | $ 8,416,902 | |
TOLL BROTHERS, INC. AND SUBSIDIARIES | ||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
(Amounts in thousands, except per share data) | ||||
(Unaudited) | ||||
Six Months Ended | Three Months Ended | |||
April 30, | April 30, | |||
2015 | 2014 | 2015 | 2014 | |
Revenues | $ 1,706,035 | $ 1,504,055 | $ 852,583 | $ 860,374 |
Cost of revenues | 1,328,544 | 1,202,030 | 678,512 | 687,998 |
Selling, general and administrative expenses | 213,999 | 202,190 | 107,685 | 104,320 |
1,542,543 | 1,404,220 | 786,197 | 792,318 | |
Income from operations | 163,492 | 99,835 | 66,386 | 68,056 |
Other: | ||||
Income from unconsolidated entities | 11,128 | 37,242 | 6,227 | 14,327 |
Other income - net | 35,935 | 27,642 | 13,919 | 11,101 |
Income before income taxes | 210,555 | 164,719 | 86,532 | 93,484 |
Income tax provision | 61,300 | 53,917 | 18,602 | 28,262 |
Net income | $ 149,255 | $ 110,802 | $ 67,930 | $ 65,222 |
Income per share: | ||||
Basic | $ 0.85 | $ 0.63 | $ 0.38 | $ 0.37 |
Diluted | $ 0.81 | $ 0.60 | $ 0.37 | $ 0.35 |
Weighted-average number of shares: | ||||
Basic | 176,267 | 177,278 | 176,458 | 178,082 |
Diluted | 184,472 | 185,665 | 184,838 | 186,442 |
TOLL BROTHERS, INC. AND SUBSIDIARIES | ||||
SUPPLEMENTAL DATA | ||||
(Amounts in thousands) | ||||
(unaudited) | ||||
Six Months Ended | Three Months Ended | |||
April 30, | April 30, | |||
2015 | 2014 | 2015 | 2014 | |
Impairment charges recognized: | ||||
Cost of sales - land owned/controlled for future communities | $ 1,310 | $ 1,006 | $ 1,066 | $ 324 |
Cost of sales - operating communities | 12,000 | 2,900 | 11,100 | 1,600 |
$ 13,310 | $ 3,906 | $ 12,166 | $ 1,924 | |
Depreciation and amortization | $ 11,772 | $ 11,095 | $ 5,963 | $ 5,807 |
Interest incurred | $ 80,458 | $ 82,628 | $ 39,954 | $ 42,684 |
Interest expense: | ||||
Charged to cost of sales | $ 57,953 | $ 54,585 | $ 29,576 | $ 29,145 |
Charged to other income - net | 1,738 | 1,039 | 410 | 722 |
$ 59,691 | $ 55,624 | $ 29,986 | $ 29,867 | |
Home sites controlled: | ||||
Owned | 36,386 | 37,701 | ||
Optioned | 8,609 | 12,657 | ||
44,995 | 50,358 | |||
Inventory at April 30, 2015 and October 31, 2014 consisted of the following (amounts in thousands): | ||||
April 30, | October 31, | |||
2015 | 2014 | |||
Land and land development costs | $ 2,746,360 | $ 2,716,950 | ||
Construction in progress | 3,609,895 | 3,292,056 | ||
Sample homes | 312,934 | 264,219 | ||
Land deposits and costs of future development | 164,705 | 200,495 | ||
Other | 18,494 | 16,601 | ||
$ 6,852,388 | $ 6,490,321 |
Toll Brothers operates in two segments: Traditional Home Building and Urban Infill ("City Living"). Within Traditional Home Building, Toll operates in four geographic segments:
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 | ||||||
April 30, | ||||||
Units | $ (Millions) | Average Price Per Unit $ | ||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |
HOME BUILDING REVENUES | ||||||
North | 238 | 239 | $ 150.0 | $ 137.3 | $ 630,300 | $ 574,200 |
Mid-Atlantic | 303 | 273 | 187.5 | 180.5 | 618,800 | 661,100 |
South | 289 | 285 | 215.9 | 186.1 | 747,100 | 653,100 |
West | 351 | 377 | 282.5 | 321.6 | 804,700 | 853,100 |
Traditional Home Building | 1,181 | 1,174 | 835.9 | 825.5 | 707,800 | 703,100 |
City Living | 14 | 44 | 16.7 | 34.9 | 1,191,300 | 793,600 |
Total consolidated | 1,195 | 1,218 | $ 852.6 | $ 860.4 | $ 713,500 | $ 706,400 |
CONTRACTS | ||||||
North | 379 | 303 | $ 236.4 | $ 199.6 | $ 623,800 | $ 658,900 |
Mid-Atlantic | 415 | 367 | 259.0 | 226.6 | 624,000 | 617,500 |
South | 356 | 374 | 288.4 | 256.3 | 810,300 | 685,200 |
West | 716 | 637 | 723.6 | 519.4 | 1,010,600 | 815,300 |
Traditional Home Building | 1,866 | 1,681 | 1,507.4 | 1,201.9 | 807,800 | 715,000 |
City Living | 65 | 68 | 88.2 | 73.0 | 1,356,700 | 1,073,000 |
Total consolidated | 1,931 | 1,749 | $ 1,595.6 | $ 1,274.9 | $ 826,300 | $ 728,900 |
BACKLOG | ||||||
North | 986 | 984 | $ 629.2 | $ 615.5 | $ 638,100 | $ 625,500 |
Mid-Atlantic | 904 | 986 | 575.3 | 613.9 | 636,400 | 622,600 |
South | 993 | 1,042 | 803.2 | 761.4 | 808,800 | 730,700 |
West | 1,338 | 1,056 | 1,252.2 | 897.9 | 935,900 | 850,300 |
Traditional Home Building | 4,221 | 4,068 | 3,259.9 | 2,888.7 | 772,300 | 710,100 |
City Living | 166 | 256 | 222.6 | 318.7 | 1,340,900 | 1,244,900 |
Total consolidated | 4,387 | 4,324 | $ 3,482.5 | $ 3,207.4 | $ 793,800 | $ 741,800 |
Six Months Ended | ||||||
April 30, | ||||||
Units | $ (Millions) | Average Price Per Unit $ | ||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |
HOME BUILDING REVENUES | ||||||
North | 448 | 448 | $ 282.4 | $ 264.9 | $ 630,400 | $ 591,300 |
Mid-Atlantic | 565 | 546 | 350.9 | 349.6 | 621,100 | 640,300 |
South | 525 | 510 | 377.8 | 336.7 | 719,600 | 660,200 |
West | 686 | 581 | 570.4 | 507.8 | 831,500 | 874,000 |
Traditional Home Building | 2,224 | 2,085 | 1,581.5 | 1,459.0 | 711,100 | 699,800 |
City Living | 62 | 61 | 124.5 | 45.1 | 2,008,100 | 739,300 |
Total consolidated | 2,286 | 2,146 | $ 1,706.0 | $ 1,504.1 | $ 746,300 | $ 700,900 |
CONTRACTS | ||||||
North | 556 | 484 | $ 347.0 | $ 317.8 | $ 624,100 | $ 656,600 |
Mid-Atlantic | 639 | 630 | 406.7 | 390.5 | 636,500 | 619,800 |
South | 555 | 596 | 457.8 | 424.6 | 824,900 | 712,400 |
West | 1,160 | 836 | 1,125.4 | 707.2 | 970,200 | 845,900 |
Traditional Home Building | 2,910 | 2,546 | 2,336.9 | 1,840.1 | 803,100 | 722,700 |
City Living | 84 | 119 | 131.9 | 136.5 | 1,570,200 | 1,147,100 |
Total consolidated | 2,994 | 2,665 | $ 2,468.8 | $ 1,976.6 | $ 824,600 | $ 741,700 |
Unconsolidated entities:
Information related to revenues and contracts of entities in which we have an interest for the three-month and six-month periods ended April 30, 2015 and 2014, and for backlog at April 30, 2015 and 2014 is as follows:
Units | $ (Millions) | Average Price Per Unit $ | ||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |
Three months ended April 30, | ||||||
Revenues | 22 | 13 | $ 17.0 | $ 11.6 | $ 771,100 | $ 895,900 |
Contracts | 45 | 76 | $ 82.5 | $ 160.0 | $ 1,833,500 | $ 2,104,700 |
Six months ended April 30, | ||||||
Revenues | 49 | 28 | $ 36.3 | $ 23.2 | $ 740,000 | $ 829,600 |
Contracts | 65 | 87 | $ 113.2 | $ 167.7 | $ 1,741,200 | $ 1,927,800 |
Backlog at April 30, | 151 | 121 | $ 361.4 | $ 190.7 | $ 2,393,200 | $ 1,576,100 |
CONTACT: Frederick N. Cooper (215) 938-8312 fcooper@tollbrothersinc.com
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