Toll Brothers (NYSE: TOL) reported Q2 EPS of $0.37, $0.02 better than the analyst estimate of $0.35. Revenue for the quarter came in at $852.6 million versus the consensus estimate of $861.63 million.

• The Company ended FY 2015's second quarter with a net debt-to-capital ratio(1) of 40.8%, compared to 41.5% at FY 2015's first-quarter end, 45.1% at FY 2014's second-quarter end, and approximately 47.0% immediately after the Shapell acquisition in February 2014.
• The Company ended FY 2015's second quarter with approximately 45,000 lots owned and optioned, compared to 45,300 one quarter earlier, 50,400 one year earlier and 91,200 at its peak at FY 2006's second-quarter end. At 2015's second-quarter end, approximately 36,400 of these lots were owned, of which approximately 16,100 lots, including those in backlog, were substantially improved.
• In the second quarter of FY 2015, the Company spent approximately $116.7 million on land to purchase 1,192 lots.
• The Company ended FY 2015's second quarter with 269 selling communities, compared to 258 at FY 2015's first-quarter end and 252 at FY 2014's second-quarter end. The Company still expects to end FY 2015 with between 270 and 310 selling communities.
• Based on FY 2015's second-quarter-end backlog and the pace of activity at its communities, the Company narrowed its expectation to deliver between 5,300 and 5,900 homes in FY 2015 from 5,200 to 6,000 homes previously. It now believes the average delivered price for FY 2015's full year will be between $730,000 and $760,000 per home. Unit backlog conversion for the third quarter is estimated at 32%.
• The Company expects a pre-interest, pre-impairment gross margin in the third quarter of FY 2015 similar to that of the second quarter of FY 2015, and full FY 2015 pre-interest, pre-impairment gross margin of approximately 26%, which is similar to FY 2014's results.

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