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Caution on pricing stings Toll Bros. after earnings beat

Sep. 03, 2014 10:08 AM ETToll Brothers, Inc. (TOL) StockBy: Stephen Alpher, SA News Editor
  • "We have seen some lessening of pricing power in the past year," says Toll Brothers (NYSE:TOL -2.6%) chief Douglas Yearley, quickly adding the company does not yet see the need to boost incentives to spur sales.
  • Fiscal 2014 guidance: Deliveries now expected at 5.3K-5.5K homes from 5.1K-5.85K previously (midpoint drops to 5.4K from 5.475K); ASP of deliveries of $710K-$725K from $690-$720K.
  • Gross margin is expected to be 185-200 bps higher than 2013 vs. previous guidance of 175-200 bps improvement.
  • Expected selling communities is now at 255-275 vs. 250-290 previously.
  • Previously: Toll Brothers beats by $0.08, beats on revenue

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