LAKEWOOD RACNH, Fla., Feb. 29, 2024 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL), the nation's leading builder of luxury homes, today announced the highly anticipated opening of Monterey at Lakewood Ranch, a new home community with resort-style amenities in Lakewood Ranch, Florida. The Sales Center and Toll Brothers model homes are now open for tours at 2637 Waterfront Circle in Lakewood Ranch. Located just minutes from Waterside Place, downtown Sarasota and Siesta Key, the first phase in Monterey at ...

ATLANTA, Feb. 29, 2024 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL), the nation's leading builder of luxury homes, today announced the grand opening of its model home at Beckham Place at Morningside, a new community of luxury townhomes in Atlanta, Georgia. Beckham Place at Morningside offers 60 new construction townhomes, each with rooftop terrace views. Home prices start in the mid-$700,000s. The onsite Sales Center and Toll Brothers model home is open at 1770 Beckham Place in Northeast Atlanta. The ...

Revenue and Sales Performance - Home sales revenue increased to $1,931.8 million in Q1 2024, up from $1,749.4 million in Q1 2023, representing a 10.4% growth[18] - Land sales and other revenue decreased to $16.0 million in Q1 2024 from $30.7 million in Q1 2023, a 47.9% decline[18] - The company recognized $137.2 million in home sales revenues from customer deposits during the three months ended January 31, 2024[29] - Revenues for the three months ended January 31, 2024, were $157.2 million, up from $109.3 million in the same period in 2023[67] - Total home building revenues for the three months ended January 31, 2024 were $1.93 billion, compared to $1.75 billion in the same period in 2023[119] - Total consolidated revenues for the three months ended January 31, 2024 were $1.95 billion, compared to $1.78 billion in the same period in 2023[119] - Home sales revenue increased by 10% to $1.93 billion in the three months ended January 31, 2024, compared to $1.75 billion in the same period in 2023[128] - Net contracts signed increased by 42% in value to $2.06 billion and by 40% in units to 2,042 homes in the three months ended January 31, 2024, compared to $1.45 billion and 1,461 homes in the same period in 2023[127] - The company delivered 1,927 homes at an average price of $1,002,500 in the three months ended January 31, 2024, compared to 1,826 homes at an average price of $958,100 in the same period in 2023[128] - The backlog value decreased by 18% to $7.08 billion (6,693 homes) at January 31, 2024, compared to $8.58 billion (7,733 homes) at January 31, 2023[129] - Total home building revenues for the three months ended January 31, 2024 were $1,932.0 million, a 10% increase from $1,749.8 million in the same period in 2023[175] - The South region saw a 36% increase in revenues to $532.9 million, while the Pacific region had a 12% increase to $409.0 million[175] - The average delivered price for homes increased by 5% to $1,002.6 thousand in the three months ended January 31, 2024, compared to $958.3 thousand in the same period in 2023[175] - Total consolidated net contracts signed increased by 42% to $2,064.8 million in 2024 compared to $1,454.3 million in 2023[176] - South region saw a significant 43% increase in net contracts signed, reaching $469.9 million in 2024[176] - Mountain region experienced an 89% surge in net contracts signed, totaling $498.9 million in 2024[176] - Total consolidated backlog value decreased by 18% to $7,081.1 million in 2024 from $8,584.8 million in 2023[178] - Home sales revenues in the Mid-Atlantic region increased by 40% to $264.1 million in 2024[186] - Units delivered in the Mid-Atlantic region rose by 67% to 277 in 2024[186] - Average delivered price in the Mid-Atlantic region decreased by 16% to $953.6 thousand in 2024[186] - Home sales revenues increased by 36% to $532.9 million in the three-month fiscal 2024 period, with units delivered up 29% to 631[188] - Net contract value jumped 89% to $498.9 million in the three-month fiscal 2024 period, with net contracted units up 81% to 541[191] - Average delivered price rose 22% to $1,669.4 thousand in the three-month fiscal 2024 period, despite an 8% decrease in units delivered to 245[194] Net Income and Profitability - Net income rose to $239.6 million in Q1 2024, compared to $191.5 million in Q1 2023, a 25.1% increase[18] - Basic earnings per share grew to $2.28 in Q1 2024 from $1.72 in Q1 2023, a 32.6% increase[18] - Total comprehensive income reached $235.7 million in Q1 2024, up from $188.1 million in Q1 2023, a 25.3% growth[18] - Income from operations grew to $308.4 million in Q1 2024, compared to $225.3 million in Q1 2023, a 36.9% increase[18] - Net income for the three months ended January 31, 2024, was $239.6 million, compared to $191.5 million in the same period in 2023[23] - Net income for the three months ended January 31, 2024, was $2.9 million, compared to a net loss of $14.5 million in the same period in 2023[67] - Net income for the three months ended January 31, 2024 was $239.56 million, compared to $191.53 million for the same period in 2023[94] - Net income increased by 25% to $239.6 million in the three months ended January 31, 2024, compared to $191.5 million in the same period in 2023[134] - Income before income taxes increased to $311.2 million in fiscal 2024 from $253.8 million in fiscal 2023[145] - Mid-Atlantic region's income before income taxes surged by 116% to $49.5 million in 2024[180] - South region's income before income taxes increased by 88% to $98.4 million in 2024[180] - Total consolidated income before income taxes rose by 23% to $311.2 million in 2024[180] - Income before income taxes surged 88% to $98.4 million in the three-month fiscal 2024 period, driven by higher revenues and lower home sales cost of revenues[188] - Corporate and Other segment's loss before income taxes increased to $53.6 million in the three-month fiscal 2024 period, up from $24.5 million in the prior year[196] Expenses and Costs - Selling, general and administrative expenses increased to $230.0 million in Q1 2024 from $211.5 million in Q1 2023, a 8.8% rise[18] - Cost of home sales increased to $1,399.2 million in Q1 2024 from $1,300.9 million in Q1 2023, a 7.6% rise[18] - No impairment charges were recognized in the three-month period ended January 31, 2024, compared to $13.0 million in the same period in 2023[42] - Interest capitalized at the end of the period was $198.29 million, compared to $215.20 million in the previous year[45] - Income tax provisions for the three months ended January 31, 2024 were $71.6 million, compared to $62.3 million for the same period in 2023, with an effective tax rate of 23.0% in 2024 versus 24.5% in 2023[85] - The estimated state income tax rate for fiscal year 2024 is 5.8%, down from 6.2% in fiscal year 2023[86] - Total stock-based compensation expense recognized for the three months ended January 31, 2024 was $18.25 million, with an income tax benefit of $4.21 million[88] - Home sales cost of revenues decreased as a percentage of home sales revenues, with interest expense at 1.2% in fiscal 2024 compared to 1.4% in fiscal 2023, and inventory impairments of $1.5 million in fiscal 2024 versus $8.0 million in fiscal 2023[136] - Land sales and other cost of revenues decreased as a percentage of revenues due to $13.0 million of impairment charges recognized in fiscal 2023, with no similar charges in fiscal 2024[137] - SG&A spending increased by $18.5 million in fiscal 2024, but decreased as a percentage of home sales revenues to 11.9% from 12.1% in fiscal 2023[139] Cash Flow and Financial Position - Net cash used in operating activities for the three months ended January 31, 2024, was $307.0 million, compared to $357.8 million in the same period in 2023[23] - Inventory increased to $9.58 billion as of January 31, 2024, from $9.06 billion as of October 31, 2023[38] - Customer deposits for sold but undelivered homes totaled $534.4 million as of January 31, 2024, compared to $540.7 million as of October 31, 2023[29] - Total equity increased to $7,035.6 million as of January 31, 2024, up from $6,217.0 million as of January 31, 2023, a 13.2% growth[22] - Cash and cash equivalents decreased from $161.3 million in October 2023 to $158.9 million in January 2024[66] - Total assets increased from $5.70 billion in October 2023 to $5.98 billion in January 2024[66] - The company's net investment in unconsolidated entities increased from $959.0 million in October 2023 to $995.8 million in January 2024[66] - The company had $754.8 million in cash and cash equivalents and $1.76 billion available under its $1.905 billion senior unsecured revolving credit facility at January 31, 2024[130] - Cash and cash equivalents were $754.8 million as of January 31, 2024, down from $1.30 billion as of October 31, 2023. Cash used in operating activities for the three-month period ended January 31, 2024 was $307.0 million[162] - Cash used in investing activities for the three-month period ended January 31, 2024 was $59.4 million, primarily related to $58.9 million used to fund investments in unconsolidated entities and $13.6 million used for property and equipment purchases[164] - Cash used in financing activities for the three-month period ended January 31, 2024 was $178.0 million, primarily for $145.6 million in loan payments, $23.3 million in common stock dividends, and $9.3 million related to stock-based benefit plans[165] - Total assets as of January 31, 2024 were $11,577.9 million, including $592.9 million in cash and $9,445.5 million in inventory[171] Land and Development - Land and land development costs increased to $6.39 billion as of January 31, 2024, from $6.10 billion as of October 31, 2023[38] - Homes under construction increased to $2.72 billion as of January 31, 2024, from $2.52 billion as of October 31, 2023[38] - The company determined that 263 land purchase contracts, with an aggregate purchase price of $4.17 billion, were variable interest entities (VIEs) as of January 31, 2024[44] - The company purchased land from unconsolidated entities totaling $26.90 million in Q1 2024, compared to $16.70 million in Q1 2023[54] - Aggregate purchase price for land parcels as of January 31, 2024 was $4.51 billion, compared to $4.22 billion as of October 31, 2023[107] - The company owned or controlled approximately 70,400 home sites at January 31, 2024, compared to 70,700 at October 31, 2023[131] - The company was selling from 377 communities at January 31, 2024, compared to 370 at October 31, 2023 and 328 at January 31, 2023[132] Joint Ventures and Unconsolidated Entities - The company's total investment in unconsolidated entities is $995.81 million, with $558.13 million allocated to Rental Property Joint Ventures[48] - The company's remaining funding commitment to unconsolidated entities is $340.24 million, including $131.60 million related to VIEs[47] - Aggregate loan commitments for joint ventures with debt financing total $4.56 billion, with $3.73 billion allocated to Rental Property Joint Ventures[52] - The company's maximum estimated exposure under repayment and carry cost guarantees is $688.00 million, with $571.70 million related to borrowed debt obligations[58] - The company's investment in unconsolidated joint ventures includes $139.90 million related to 11 VIEs, with a maximum exposure to losses of $373.80 million[47] - The company's consolidated VIEs assets have a carrying value of $93.00 million, with partners' interests at $10.30 million[62] - The company's ownership interest in consolidated Joint Venture VIEs ranges from 82% to 98%[62] - The company's maximum exposure under guarantees does not account for potential recoveries from collateral or partner reimbursements[60] - The company's loss from unconsolidated entities was $9.2 million for the three months ended January 31, 2024, compared to $4.4 million in the same period in 2023[67] - The company recognized a loss from unconsolidated entities of $9.2 million in fiscal 2024, compared to a loss of $4.4 million in fiscal 2023[142] - The company had guaranteed the debt of certain unconsolidated entities with loan commitments aggregating $3.34 billion, with a maximum exposure of $688.0 million related to repayment and carry cost guarantees if the full amount were borrowed. As of January 31, 2024, $1.87 billion had been borrowed, with a maximum exposure of $571.7 million[159] Debt and Financing - The company's senior unsecured term loan facility has an interest rate of 6.21% per annum as of January 31, 2024[72] - The company's revolving credit facility has a committed borrowing capacity of $1.905 billion, with the ability to increase up to $3.00 billion[74] - The company's leverage ratio was approximately 0.32 to 1.00, and tangible net worth was approximately $6.97 billion as of January 31, 2024[75] - The company's mortgage subsidiary, TBMC, executed a new warehousing agreement with an interest rate of 7.10% per annum as of January 31, 2024[80] - The company's 100%-owned subsidiary, Toll Brothers Finance Corp., had issued $1.60 billion in senior notes maturing between November 15, 2025 and November 1, 2029[167] - Total debt obligations at January 31, 2024 were $2,010.6 million for fixed-rate debt and $713.2 million for variable-rate debt, with weighted-average interest rates of 4.66% and 6.28% respectively[200] - Each 1% increase in interest rates would increase interest incurred by approximately $7.1 million per year for the company's variable-rate debt[200] - The company entered into interest rate swap transactions in November 2020 to hedge $400.0 million of its $650.0 million Term Loan Facility, effectively fixing the interest cost at 0.369% plus a spread[200] Shareholder Returns and Stock Repurchases - The company repurchased 1,000 shares at an average price of $88.70 per share during the three months ended January 31, 2024, with a remaining authorization of 20 million shares[90] - Cash dividends declared and paid during the three months ended January 31, 2024 were $0.21 per share, up from $0.20 per share in the same period in 2023[91] - Repurchased shares of common stock during the three-month period ended January 31, 2024[208] Risk Management and Legal - No material changes in internal control over financial reporting during the quarter ended January 31, 2024[204] - Disclosure controls and procedures were effective as of the Evaluation Date[203] - Adequate provision made for resolution of current claims and pending litigation, no material adverse effect expected[206] - No material changes in risk factors as previously disclosed in the 2023 Form 10-K[207] Miscellaneous - In February 2024, the company sold a parcel of land for net cash proceeds of $180.7 million, expected to result in a pre-tax gain of approximately $175.0 million in the three months ending April 30, 2024[31] - The fair value of mortgage loans held for sale as of January 31, 2024 was $73.27 million, down from $110.56 million as of October 31, 2023[96] - The fair value of interest rate swap contracts as of January 31, 2024 was $26.47 million, down from $35.24 million as of October 31, 2023[97] - The estimated fair value of the company's debt as of January 31, 2024 was $2.67 billion, compared to a book value of $2.73 billion[101] - Total other income – net for the three months ended January 31, 2024 was $11.9 million, compared to $32.9 million in the same period in 2023[102] - Income from ancillary businesses for the three months ended January 31, 2024 was $0.8 million, compared to a loss of $2.9 million in the same period in 2023[102] - Revenues from ancillary businesses for the three months ended January 31, 2024 were $32.3 million, compared to $27.9 million in the same period in 2023[103] - The company had agreements

WEST JORDAN, Utah, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL), the nation's leading builder of luxury homes, today announced its newest community, Copperhaven by Toll Brothers, is coming soon to West Jordan, Utah. The interest list is forming, and sales are expected to begin in Spring 2024. Located in the growing west side of West Jordan, Copperhaven by Toll Brothers will include 21 thoughtfully designed homes, offering mountain vistas and access to nearby amenities, including a park ...

QUEEN CREEK, Ariz. , Feb. 27, 2024 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL), the nation's leading builder of luxury homes, today announced its newest community, Merion Grove, is coming soon to the heart of Queen Creek, Arizona. Merion Grove will showcase award-winning home designs on just 19 expansive quarter-acre-plus home sites for unparalleled indoor/outdoor living. This exclusive community will be located at East Ocotillo Road and South 193rd Way in Queen Creek. Construction is underway and th ...

PANAMA CITY BEACH, Fla., Feb. 27, 2024 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL), the nation's leading builder of luxury homes, today announced its newest community, Breakwater, is coming soon to the Panhandle of Florida. Located just minutes from the beaches of the Gulf of Mexico, Breakwater will be a lifestyle-driven gated community in the Ward Creek masterplan featuring luxury single-family homes with access to private onsite amenities. Construction of the Toll Brothers Sales Center and model ho ...

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Investors might want to bet on Toll Brothers (TOL) , as earnings estimates for this company have been showing solid improvement lately. The stock has already gained solid short-term price momentum, and this trend might continue with its still improving earnings outlook.The upward trend in estimate revisions for this home builder reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correlation between tren ...

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Toll Brothers (TOL) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.Shares of this home builder have returned +13% over the past month versus the Zacks S&P 500 composite's +4.7% change. The Zacks Building Products - Home Builders industry, to which Toll Brothers belongs, has gained 4.9% over this period. Now the key question is: Where could the stock be headed in the near term?Although ...