Luxury home builder Toll Brothers Inc. (TOL) reported higher profit and revenues in its first quarter, despite weak home sales volume.
In the first quarter, the company's net income was $210.93 million or $2.19 per share, higher than prior year's $177.70 million or $1.75 per share.
Pre-tax income was $273.58 million, compared to $221.38 million a year ago.
Total revenues increased to $2.146 billion from last year's $1.859 billion. Home sales revenues grew to $1.855 billion from $1.840 billion last year.
The company delivered 1,899 homes in the quarter, lower than prior year's 1,991 homes. The average price was $977,000.
Net signed contract value was $2.38 billion, compared to $2.31 billion last year.
Backlog value was $6.02 billion at first quarter end, compared to $6.94 billion in the same prior last year. Homes in backlog were 5,051, compared to 6,312 a year ago.
The company ended its first quarter with $1.20 billion in cash and cash equivalents, compared to $574.8 million last year.
In the quarter, the company substantially completed its previously announced sale of approximately half of its Apartment Living portfolio, including its operating platform, to Kennedy Wilson for net cash proceeds of around $330 million.
The firm said it intends to exit the multi-family development business by selling its remaining Apartment Living assets over the next several years.
Looking ahead for the second quarter, the company projects deliveries of 2,400 units to 2,500 units, at average delivered price per home of $975,000 - $985,000.
For fiscal 2026, the company projects deliveries of 10,300 units to 10,700 units, at average delivered price per home of $970,000 - $990,000.
In the after-hours trading on the NYSE, the shares edged up 0.01 percent, after closing Tuesday's regular trading 1.4 percent lwoer at $163.83.
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