Toll Bros (TOL) Lurches Higher Following Q4 Results; Expects Stronger FY13

December 4, 2012 8:22 AM EST
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Toll Brothers (NYSE: TOL) shares are ticking higher in early morning trade following fourth-quarter results and outlook issued earlier.

According to data from the company, revenue rose 48 percent to $632.83 million, from $427.79 million in the same period last year. Net income vastly improved from $15.04 million up to $411.42 million, or $2.35 per share. Earnings include a $350.7 million tax benefit.

Street expectations called for revs of $566.46 million and EPS of 24 cents.

Net signed contracts rose 70 percent to 1,098 units. Backlog was up 54 percent to 2,569 units, while revs rose 70 percent to $1.67 billion.

Toll Bros' cancellation rate was down markedly from 7.9 percent to 4.6 percent.

Looking ahead, Toll sees improvement in selling communities for FY13 to a range of 225 to 255, versus 224 reported for FY12.

Deliveries in FY13 should be between 3,600 and 4,400 homes with average delivered price of $595,000 and $630,000 per home. Deliveries in FY12 were 3,286 with average selling price of $582,000 per home.

Into the open, Toll Bros is indicated 0.5 percent higher.

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