The upcoming report from Toll Brothers (TOL) is expected to reveal quarterly earnings of $3.59 per share, indicating a decline of 0.3% compared to the year-ago period. Analysts forecast revenues of $2.85 billion, representing an increase of 4.6% year over year. The current level reflects no revision in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period. Prior to a com ...

Core Viewpoint - AMREP Corporation experienced strong earnings growth in fiscal 2025 despite a decline in annual revenues, with net income increasing significantly while revenues were impacted by lower other revenues and high-value transactions [2][11]. Financial Performance - Net income surged 90.1% to $12.7 million, or $2.37 per diluted share, compared to $6.7 million, or $1.25 per share, in fiscal 2024 [2]. - Revenues fell 3.3% to $49.7 million from $51.4 million, primarily due to a 61.9% decline in other revenues, which offset a 23.6% increase in home sale revenues [2]. - Fourth-quarter fiscal 2025 net income was $3.9 million, or $0.73 per share, down from $4.1 million, or $0.77 per share, in the previous year [3]. - Fourth-quarter revenues declined 42.8% to $11.2 million from $19.5 million, reflecting reduced high-value transactions [3]. Segmental Breakdown - Land sales for the full fiscal year decreased 4.4% to $25.6 million from $26.8 million, influenced by a reduced volume of high-priced undeveloped land sales [4]. - Home sale revenue rose 23.6% to $21.2 million from $17.2 million, driven by an increase in the number of closings, despite a 10.9% drop in average selling prices [5]. Cost and Margin Analysis - Land sale cost of revenues dropped 28.2% to $12.4 million from $17.2 million, with gross profit margins improving in the land segment to 52% from 36% [6]. - Homebuilding margins compressed to 21% from 25% due to elevated costs and a shift toward smaller homes [6]. Operational Metrics - General and administrative expenses rose 5.9% to $7.3 million, mainly due to expanded homebuilding operations and IT costs [7]. - Interest income surged 97.1% to $1.6 million from $0.8 million, attributed to increased holdings of U.S. government securities [7]. Management Insights - Management noted delays in municipal approvals and utility access affecting construction timelines, leading to a strategic moderation in development projects [8]. - The company ended the year with 88 homes under production, including 28 under contract, indicating an improving sales pipeline [9]. Future Outlook - Management cautioned about a likely decline in developed land sales in fiscal 2026 due to fewer active development projects and infrastructure bottlenecks [14]. - AMREP believes it is well-positioned to handle near-term volatility, supported by year-end cash and equivalents totaling $39.9 million [14][13]. Other Developments - AMREP expanded its leasing strategy, increasing homes under lease to 21 from 10 in the prior year, diversifying revenue sources [15]. - The company terminated its defined benefit pension plan, simplifying its balance sheet and eliminating long-term pension obligations [16].