Dec. 10, 2014, 6:00 AM
Dec. 9, 2014, 5:30 PM
Nov. 10, 2014, 7:55 AM
- The early results are being released in conjunction with Toll's (NYSE:TOL) presentation at a conference to take place on Thursday. The full report is set for December 10.
- Fiscal Q4 revenue of $1.35B and 1,087 units up 29% in dollar terms and 22% in unit terms Y/Y. ASP of $747K vs. $703K a year ago.
- Net signed contracts of $970.2M and 1,282 units up 16% in dollar terms and 10% in units Y/Y. ASP of net contracts of $757K vs. $721K a year ago. On a per-community basis, net signed contracts of 5.01 compares to 5.17 a year ago.
- Backlog of $2.72B and 3,679 units up 3% in dollars and flat in units Y/Y.
- Source: Press release
- Shares +1.5% premarket
Sep. 17, 2014, 10:04 AM
- Lennar's sizable earnings beat included a 23% gain in new orders - a strong result given the slowdown seen from some other builders.
- Previously: Lennar up 4.3% after reporting big quarter
- ETFs: ITB +2.6%, XHB +1.8%
- Individual players: Ryland (RYL +4.8%) Pulte (PHM +3.8%), Toll Bros. (TOL +3.2%), D.R. Horton (DHI +4%), Hovnanian (HOV +5.8%), KB Home (KBH +4.4%), Comstock (CHCI +4.2%), Standard Pacific (SPF +3.8%).
Sep. 3, 2014, 10:08 AM
- "We have seen some lessening of pricing power in the past year," says Toll Brothers (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
Sep. 3, 2014, 7:11 AM
- Net income jumped 110% to $97.7M, or $0.53 per share, from $46.6M, or $0.26 per share, a year earlier.
- The company sold 1,444 homes in the third quarter ended July 31, up from 1,059 in the same period a year ago. Average selling price rose 12% to $732,000.
- Backlog of $3.1B and 4,204 units vs. FY 2014's third-quarter-end backlog of $2.8B and 4,001 units.
- FQ3 results
- TOL +2.3% premarket
Sep. 3, 2014, 5:49 AM
Sep. 2, 2014, 5:30 PM
Aug. 19, 2014, 10:31 AM
- A far-faster-than-expected 15.7% gain in housing starts in July has the homebuilders sharply higher. Lenner (LEN +2.6%), Comstock (CHCI +5.8%), Ryland (RYL +2.4%), Hovnanian (HOV +3.2%), D.R. Horton (DHI +2.1%), Toll Bros. (TOL +1.4%), PulteGroup (PHM +1.1%), KB Home (KBH +1.9%).
- Commenting on the number, Bill McBride notes starts in Q1 averaged 925K on a seasonally-adjusted annualized rate, 997K in Q2, and that Q3 appears to be off to a solid start (1.093M in July). By year's end, McBride expects 2014 housing starts to increase by a double-digit pace over a weak 2013.
Jul. 24, 2014, 10:09 AM
- The ITB is lower by 1.5% and the XHB by 0.7% with earlier earnings misses from Pulte (PHM -1.5%) and D.R. Horton (DHI -5%). and just-released disappointing new home sales data weighing. Also reporting this morning was M/I Homes (MHO -3.2%), and that company beat estimates.
- June single-family new home sales of 406K fell 8.1% from May's rate of 442K (which was revised down from 504K). Expectations for June sales were 479K.
- The supply of new homes rises to 5.8 months at June's sales pace from 5.2 months previously.
- Other names: Lennar (LEN -1.6%), Ryland (RYL -2.3%), Standard Pacific (SPF -2%), Hovnanian (HOV -0.9%), Toll Brothers (TOL -2.2%).
Jun. 24, 2014, 10:09 AM
- May's adjusted annual pace of 504K new home sales is the fastest print in six years. The number is 18.6% above April's pace and 16.9% higher than a year ago. The supply of new homes on the market at the current sales pace dropped to 4.5 months worth from 5.3 months in April.
- Sales in the Northeast jumped to 34K from 22K in April, and those in the West to 130K from 97K.
- Full report
- Homebuilder ETFs: ITB +1.2%, XHB +0.7%.
- Toll Bros. (TOL +1.2%), Lennar (LEN +1.4%), D.R. Horton (DHI +1.7%), KB Home (KBH +1.7%), Hovnanian (HOV +1.3%), PulteGroup (PHM +1.3%)
- Previously: New home sales soar past estimates
Jun. 20, 2014, 10:38 AM
- The averages are nudging higher, but not the homebuilder names after Owens Corning cuts 2014 guidance on continued weakness in its roofing business.
- Soft action in Q1 continued through April and May, says the company, which now sees H1 roofing volumes as much as 20% lower than 2013. Owens still expects H2 to be better, but is less confident of that forecast today than it was a few months ago.
- ETFs: ITB -1.3%, XHB -1.2%
- Toll Bros. (TOL -1.6%), TriPointe Homes (TPH -1.3%), Lennar (LEN -1.6%), Ryland (RYL -1.8%), Hovnanian (HOV -0.9%), PulteGroup (PHM -1.2%), D.R. Horton (DHI -0.8%), Standard Pacific (SPF -1.8%)
Jun. 17, 2014, 9:44 AM
- Hit particularly hard in early action are the homebuilders after May housing starts missed expectations, but a fast CPI print has interest rates higher.
- Previously: Treasury prices slip after fast CPI report
- ETFs: ITB -1.1%, XHB -0.7%
- D.R. Horton (DHI -2.3%), KB Home (KBH -1.3%), Ryland (RYL -1.1%), Toll Brothers (TOL -1.2%), Lennar (LEN -0.7%), Hovnanian (HOV -0.7%)
May 28, 2014, 3:01 PM
- Jay McCanless and Annie Worthman at Sterne Agee say without the benefit of a lower tax rate other non-operating boosts, Toll Brothers (TOL +2.1%) would have missed the team's EPS estimate of $0.31 per share. They continue to rate the stock an Underperform with $28 price target.
- The bullish team at MKM Partners note Toll "essentially raised" guidance by boosting the low end of its average expected sale price this year to $690K from $675K. "Given the company’s long build cycle, we suspect that the higher guidance is likely more of a statement on the anticipated mix of closings rather than a signal that prices are being raised more aggressively."
- Amid the big gain by Toll and sharply lower interest rates, some other builders: Hovnanian (HOV +1.7%), Beazer Homes (BZH +1.4%), KB Home (KBH +0.8%), Lennar (LEN +0.2%), PulteGroup (PHM), D.R. Horton (DHI +1.2%).
- ETFs: XHB, ITB, PKB
- Previously: High home prices boost Toll results
- Previously: Toll Brothers beats by $0.09, beats on revenue
May 28, 2014, 7:32 AM
- 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
May 28, 2014, 6:10 AM
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