High home prices boost Toll results

FQ2 net income (quarter ended on April 30) of $65.2M, or $0.35 per share vs. $24.7M, or $0.14 one year ago.

Deliveries of 1,218 units up 36% in units and 67% in dollar terms from a year ago. Average price of homes delivered of $706K vs. $577K.

Net signed contracts of $1.27B and 1,749 units up 7% in dollar terms and flat from a year ago. Average price of signed contracts of $729K vs. $678K.

Backlog of $3.21B and $4,324 units up 27% in dollar terms and 18% in units.

SG&A as a percentage of revenue (after excluding Shapell acquisition costs) of 11.5% vs. 15.4%.

FY14 guidance of 5.1K-5.85K in home deliveries with gross margin improved by 175-200 bps is reaffirmed, but company ups the average price of homes delivered to $690-$720K vs. $675K being the bottom of the range previously.

CC at 2 ET

TOL +3.6% premarket

Previously: Toll Brothers beats by $0.09, beats on revenue

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