|
contents | business | |||||||||
| Toll Brothers reports FY 2012 3rd qtr and 9 month results Toll Brothers, Inc., the U.S.'s leading builder of luxury homes, announced results for earnings, revenues, contracts, and backlog for its third quarter ended July 31, 2012. In FY 2012's third quarter, net income was $61.6 million, or $0.36 per share, compared to $42.1 million, or $0.25 per share in FY 2011's third quarter. Net income included pre-tax inventory write-downs of $3.1 million and a net tax benefit of $18.7 million, compared to pre-tax inventory write-downs of $16.8 million, a $3.4 million pre-tax loss from early repurchase of debt and a net tax benefit of $38.2 million in FY 2011's third quarter. Pre-tax income was $43.0 million, compared to $3.9 million in FY 2011's third quarter. Total revenues of $554.3 million and homebuilding deliveries of 963 units rose 41% in dollars and 39% in units, compared to FY 2011's third quarter. Net signed contracts of $674.4 million and 1, 119 units rose 66% in dollars and 57% in units, compared to FY 2011's third quarter. Backlog of $1.62 billion and 2,559 units rose 59% in dollars and 44% in units, compared to FY 2011's third-quarter-end backlog. The average price of homes delivered was $576,000, compared to $557, 000 in FY 2012's second quarter and $569,000 in FY 2011's third quarter. Gross margin, excluding interest and write-downs, was 24.4%, compared to 23.4% in FY 2011's third quarter. SG&A as a percentage of revenue improved to 13.5%, compared to 16.4% in FY 2011's third quarter. Toll Brothers ended FY 2012's third quarter with $877.4 million of cash and marketable securities and $819.2 million available under its bank credit facility. Its net-debt-to-capital ratio(1) was 27.5%. Douglas C. Yearley, chief executive officer, stated: "We are enjoying the most sustained demand we've experienced in over five years. In the past three quarters, the values of our signed contracts were up 45%, 51% and now 66% compared to FY 2011. Three weeks into our fourth quarter, our non-binding reservation deposits (a precursor to future contracts) are up 59% compared to the same period in FY 2011." FY 2012's nine-month net income was $75.7 million, or $0.45 per share, compared to FY 2011's nine-month net income of $24.8 million, or $0.15 per share. FY 2012's nine-month pre-tax income was $52.2 million, compared to FY 2011's nine-month pre-tax loss of $44.6 million. FY 2012's nine-month total revenues of $1.25 billion and 2,198 units increased 19% in both dollars and units, compared to FY 2011's nine-month period totals of $1.05 billion and 1,854 units. Toll Brothers' FY 2012 nine-month net signed contracts of $1.87 billion and 3, 061 units increased 54% in dollars and 43% units, compared to net signed contracts of $1.21 billion and 2,140 units in FY 2011's nine-month period. write your comments about the article :: © 2012 Construction News :: home page |