Plus   Neg

Toll Brothers Q1 Profit Below Estimates, Stock Down

Toll Brothers, Inc. (TOL) reported that its first quarter net income dropped to $56.9 million or $0.41 per share from $112.1 million or $0.76 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.46 per share. Analysts' estimates typically exclude special items.

TOL closed Tuesday regular trade at $44.29, down $2.69 or 5.73 percent. In the after-hours, the stock further dropped $3.99 or 9.01 percent.

Home sales for the quarter grew to 1,611 units from 1,530 units in the prior year. But, quarterly home sales revenues were $1.30 billion down from $1.32 billion in the prior year. Analysts expected revenue of $1.45 billion for the quarter.

The company stated that its revenues were below guidance in its first quarter, as some deliveries slipped into its second quarter.

The company expects second quarter deliveries to be between 1,850 and 2,050 units with an average price of between $800,000 and $820,000.

The company projects fiscal Year 2020 deliveries to be between 8,600 and 9,100 units with an average price of between $800,000 and $820,000.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Shares of Zoom Video Communications (ZM) gained 4% on extended session Tuesday after the video conferencing software company reported a first-quarter results that trumped Wall Street estimates and issued a outlook for the second and full year 2021 that is expected to beat current expectations. First-quarter... The National Retail Federation Chief Economist Jack Kleinhenz said it was too early to say how quickly or smoothly the U.S. economy would stage a recovery following the "sizable disruptions" due to the coronavirus pandemic. However, he noted that the reopening of businesses and the resumption of economic activity is a significant step forward. Following the recall of type 2 diabetes medication Metformin Hydrochloride Extended-Release (ER) by Apotex last week, the U.S. Food and Drug Administration or FDA has recommended more pharmaceutical companies, who are manufacturers of the drug formulation, to recall their products.
Follow RTT