|
contents | business | |||||||||
| Toll Brothers reports FY 2011 3rd qtr and 9 month results Toll Brothers, Inc., the US' leading builder of luxury homes, announced results for earnings, revenues, contracts, and backlog for its third quarter ended July 31, 2011. The Company reported FY 2011 third-quarter net income of $42.1 million, or $0.25 per share, compared to FY 2010's third-quarter net income of $27.3 million, or $0.16 per share. FY 2011's third quarter included a net tax benefit of $38.2 million, due to the reversal of previously accrued state and federal taxes, compared to a $26.5 million net tax benefit in FY 2010's third quarter. FY 2011's third-quarter pretax income was $3.9 million, compared to FY 2010's third-quarter pretax income of $0.8 million. Excluding write-downs and debt retirement charges of $16.8 million and $3.4 million, respectively, FY 2011's third-quarter pretax income was $24.1 million. Excluding write-downs and debt retirement charges of $12.5 million and $0.7 million, respectively, FY 2010's third-quarter pretax income was $14.0 million. FY 2011's third-quarter revenues and home building deliveries of $394.3 million and 693 units decreased 13% in dollars and 14% in units, compared to FY 2010's third-quarter results. FY 2011's third-quarter net signed contracts of $406.7 million and 713 units rose 2% in both dollars and units, compared to FY 2010's third-quarter net signed contracts. The average price of third-quarter net signed contracts was $570, 000, approximately the same as in FY 2010's third quarter. On a per-community basis, FY 2011's third-quarter net signed contracts of 3.51 units per community were 5% lower than FY 2010's third-quarter total, 1% lower than FY 2009's third-quarter total, and 30% greater than FY 2008's third-quarter total; however, they were still well below the Company's historical third-quarter average, dating back to 1990, of 5.98 units per community. The Company's contract cancellation rate (current-quarter cancellations divided by current-quarter gross signed contracts) was 7.4% in the third quarter of FY 2011, compared to 6.2% in FY 2010's third quarter: These rates are consistent with the Company's pre-downturn historical averages. As a percentage of beginning-quarter backlog, the cancellation rate was 3.2%. FY 2011's third-quarter-end backlog of $1.02 billion, or 1, 780 units, increased 8% in dollars and 9% in units, compared to FY 2010's third-quarter-end backlog. For FY 2011's nine-month period, the Company reported net income of $24.8 million, or $0.15 per share, compared to FY 2010's nine-month period net loss of $53.9 million, or $0.33 per share. FY 2011's nine-month period included pretax write-downs, joint venture impairments, and charges related to early retirement of debt totaling $77.9 million, compared to $88.9 million in FY 2010's comparable period. FY 2011's nine-month period included a net tax benefit of $69.4 million, compared to a $53.9 million net tax benefit in FY 2010's nine-month period. FY 2011's nine-month pretax loss was $44.6 million, compared to FY 2010's nine-month pretax loss of $107.7 million. Excluding write-downs, joint venture impairments, and debt retirement charges, FY 2011's nine-month pretax income was $33.2 million, compared to FY 2010's nine-month pretax loss, excluding write-downs and debt retirement charges, of $19.5 million. For FY 2011's first nine months, home building revenues of $1.05 billion and 1, 854 units decreased 4% in dollars and 5% in units, compared to FY 2010. FY 2011 nine-month net signed contracts of $1.21 billion and 2, 140 units increased 5% in both dollars and units, compared to the same period in FY 2010. Toll Brothers ended FY 2011's third quarter with 207 selling communities, compared to 190 at FY 2010's third-quarter end. The Company now expects to end FY 2011 with between 210 and 220 selling communities. The Company ended FY 2011's third quarter with approximately 36,200 lots owned and optioned, compared to approximately 35,900 at the previous quarter-end and 35,800 one year ago. write your comments about the article :: © 2011 Construction News :: home page |