Toll Brothers (TOL) Net Income Falls 70% in Q4; Will Limit Shareholder Returns In Exchange for Growth
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Price: $147.09 +1.36%
Financial Fact:
Income tax benefit: 58.17M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Income tax benefit: 58.17M
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Shares of Toll Brothers (NYSE: TOL) are unchanged early Tuesday amid a fourth-quarter earnings victory.
Revenue rose 6.3 percent from the same quarter last year to $427.78 million.
Toll Brothers reported net income slumped 70.2 percent to $15.04 million, or 9 cents per share.
The Street was expecting revenue of $423.97 million and earnings of 5 cents per share.
Net signed contract revenue increased 24 percent to $390 million, while units increased 15 percent to 644. The average price of fourth-quarter net signed contracts was $606,000, a 7.3 percent jump compared to $565,000 the same period last year.
CFO Martin Connor hinted capital return to investors will be more likely in the form of stock gains rather than buybacks, saying, "Although in FY 2011, we did purchase 3 million shares of stock and retire $55 million of debt, in FY 2012, our main focus will be in growing our business."
Looking ahead, Connor said Toll Brothers expects to deliver "between 2,400 and 3,200 homes in FY 2012 at an average price of between $550,000 and $575,000 per home."
Revenue rose 6.3 percent from the same quarter last year to $427.78 million.
Toll Brothers reported net income slumped 70.2 percent to $15.04 million, or 9 cents per share.
The Street was expecting revenue of $423.97 million and earnings of 5 cents per share.
Net signed contract revenue increased 24 percent to $390 million, while units increased 15 percent to 644. The average price of fourth-quarter net signed contracts was $606,000, a 7.3 percent jump compared to $565,000 the same period last year.
CFO Martin Connor hinted capital return to investors will be more likely in the form of stock gains rather than buybacks, saying, "Although in FY 2011, we did purchase 3 million shares of stock and retire $55 million of debt, in FY 2012, our main focus will be in growing our business."
Looking ahead, Connor said Toll Brothers expects to deliver "between 2,400 and 3,200 homes in FY 2012 at an average price of between $550,000 and $575,000 per home."
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