Toll Brothers misses by $0.03, misses on revs; guides FY18 revs in-line
- Reports Q4 (Oct) earnings of $1.17 per share, $0.03 worse than the Capital IQ Consensus of $1.20; revenues rose 9.3% year/year to $2.03 bln vs the $2.09 bln Capital IQ Consensus.
- Home building deliveries were 2,424 units - also up 9%
- Net signed contract value was $1.75 billion - up 20%; contract units were 1,979 - up 15%
- Backlog value at FYE 2017 rose to $5.06 billion - up 27%; units totaled 5,851 - up 25%
- Gross margin, as a percentage of revenues, was 22.3%
- Co issues in-line guidance for FY18, sees FY18 revs of $6.24-7.48 bln vs. $6.78 bln Capital IQ Consensus Estimate.
- Additional Guidance
- First quarter deliveries of between 1,300 and 1,500 units with an average price of between $820,000 and $840,000
- FY deliveries of between 7,700 and 8,700 units with an average price of between $810,000 and $860,000
- FY Adjusted Gross Margin of between 23.75% and 24.25% of revenues; first quarter Adjusted Gross Margin of 23.3%
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