Pre-tax income of $150.2M is up 147% from a year ago on revenue of $1.04B, up $65%. Deliveries of 1,485 units is up 36% Y/Y.
Net signed contracts of $839M and 1,163 units are up 23% and 6%, respectively, from a year ago. Backlog of $2.63B and 3,679 units up 57% and 43%, respectively.
Average price of homes delivered of $703K is up from $651K in Q3 and $582K a year ago. Operating margin of 12.3% is up 400 basis points from a year ago.
Six weeks into FQ1, the company updates: "Contracts have been flat to last year ... We believe this leveling in demand will prove temporary based on still-significant pent-up demand."
The Shapell Homes (California) acquisition is expected to close in early 2014.
CC at 2 ET.
TOL +3.6% premarket