Toll Brothers Inc.NYSE
Tue, Sep. 20, 12:25 PM
- Lennar (NYSE:LEN) was initially higher following this morning's earnings beat, but has turned lower by 4.3% amid cautious earnings call comments on margins.
- Also at work is today's housing starts report which showed an unexpected sharp decline from July to August, with single-family starts dropping to a 10-month low.
- ITB -1.4%, XHB -0.9%
- Hovnanian (HOV -0.9%), KB Home (KBH -1.4%), Pulte (PHM -3.2%), D.R. Horton (DHI -1.2%), Toll Brothers (TOL -1.4%), Taylor Morrison (TMHC -2.5%), LGI Homes (LGIH -1.3%)
Mon, Sep. 19, 12:01 PM
- The NAHB Index jumped six points to a one-year high of 65 this month vs. expectations for just a marginal gain.
- "With the inventory of new and existing homes remaining tight, builders are confident that if they can build more homes they can sell them," says NAHB Chief Economist Robert Dietz.
- The Lindsey Group's Peter Boockvar calls this month's print "ebullient," but says the key to sustain things will be the behavior of the first-time homebuyer. We're at a 50-year low in the homeownership rate - will potential first-timers continue to prefer renting? The area most in need of new homes are those priced below $250K (to better compete against renting), but margin issues don't make this a terribly profitable segment for homebuilders.
- ITB +1.9%, XHB +1.5%
- Toll Brothers (TOL +1.4%), PulteGroup (PHM +3.1%), D.R. Horton (DHI +2.5%), Lennar (LEN +2.5%), Hovnanian (HOV +2.4%)
Tue, Aug. 23, 10:13 AM
- New home sales flew past expectations in July as they rose 31% on a year-over-year comparison. Sales were higher across all regions of the U.S.
- The median price of a house sold during the month was $294,600. Inventory fell to 4.3 months at the current sales pace.
- June's mark was revised down to 582K from 592K.
- The iShares Dow Jones U.S. Home Construction ETF (NYSEARCA:ITB) is up 1.3% after the development. The S&P Homebuilders ETF (NYSEARCA:XHB) is 1.2% higher.
- Toll Brothers (TOL +2.3%) and KB Home (KBH +2.9%) are notable movers in early trading.
Tue, Aug. 23, 8:24 AM
- Toll Brothers (NYSE:TOL) -0.4% premarket after posting in-line FQ3 earnings on a 23% Y/Y rise in revenues to $1.27B, as results suggest steady growth in the U.S. housing market.
- TOL says FQ3 net signed contracts of $1.45B and 1,748 units both represented 18% Y/Y gains, but the average price of net signed contracts was $831K vs. $834K in the year-ago quarter.
- Backlog at the end of FQ3 of $4.37B and 5,181 units rose 19% and 17%, respectively, while the average price of homes in the backlog was $844K vs. $829K at the end of the year-ago quarter.
- TOL issues in-line revenue guidance for FY 2016, forecasting $4.96B-$5.27B vs. $5.04B analyst consensus estimate and prior guidance of $4.76B-$5.36B.
- Expects FQ4 deliveries of 2,025-2,325 units with an average price of $815K-$835K, resulting in projected full-year deliveries of 5,900-6,200 units with an average delivered price of $840K-$850K.
- Due primarily to a shift in its mix of deliveries, TOL now expects its full-year gross margin of 25.6%-25.8% of revenues, 30 bps below the mid-point of previous guidance.
Tue, Aug. 23, 5:28 AM
Mon, Aug. 22, 5:30 PM
Tue, Jul. 26, 10:16 AM
- June new home sales came in at a seasonally-adjusted annualized rate of 592K, up from May's rate of 572K, and the fastest pace since February 2008.
- Expectations had been for 560K.
- The median price of $306.7K was up 6% Y/Y, and inventory fell to 4.9 months at the current sales pace.
- New home sales in Q2 were up 10% from Q1.
- The ITB popped higher on the news, but has retreated a bit since, now up 0.2% on the session. XHB +0.4%
- Toll Brothers (TOL +0.2%), Hovnanian (HOV +0.8%), Lennar (LEN -0.7%), KB Home (KBH +0.1%), PulteGroup (PHM +0.1%)
Mon, Jul. 18, 10:08 AM
- The team upgrades Toll Brothers (TOL +0.1%) to Buy from Neutral, while cutting KB Home (KBH -1.5%) to Neutral from Buy.
- It could be a valuation call, as the two homebuilders have been headed in opposite directions, with TOL in the red for 2016, and KBH higher by 60%.
- Meanwhile the NAHB reported the tiniest of slides in its builder confidence index, which slipped to 59 from 60.
Fri, Jun. 17, 10:30 AM
- May housing starts at a seasonally-adjusted annualized pace of 1.164M edged lower from April, but were up 9.5% from a year ago (and vs. expected 1.15M). Single-family starts of 764K were slightly higher than April.
- The major averages are modestly lower on the session, but the homebuilders (ITB +1%) are posting strong gains, led by Toll Brothers (TOL +1.6%), Hovnanian (HOV +3.7%), KB Home (KBH +1.8%), Lennar (LEN +1.2%), PulteGroup (PHM +1.4%), Beazer (BZH +4.7%), D.R. Horton (DHI +1.2%).
Tue, Jun. 7, 2:31 PM
- The major averages are up modestly, but the homebuilders (ITB +2.2%) are posting sharp gains, helped by a report Elliot Management has taken a stake in PulteGroup. Pulte is leading the way with a 4.6% advance.
- Toll Brothers (TOL +3%), Hovnanian (HOV +3.9%), KB Home (KBH +3%), Lennar (LEN +3.1%), Taylor Morrison (TMHC +3.8%), D.R. Horton (DHI +2.7%)
Tue, May 24, 10:09 AM
- April new home sales at a seasonally adjusted annualized rate of 619K were a full 16.6% above the upwardly revised March print, and 23.8% higher than year-ago levels. The number also flew past expectations for just a 2% rise to 523K.
- Sales in the Northeast of 55K gained from 36K in March; Midwest of 60K down from 63K; South of 352K vs. 304K; West of 152K vs. 128K.
- Full report
- Tossing this bit of information in with strong FQ2 earnings from Toll Brothers (TOL +6.4%) has the homeowners (ITB +2.7%) surging well ahead of the market averages.
- Hovnanian (HOV +4.9%), KB Home (KBH +3.8%), Beazer (BZH +5.4%), Lennar (LEN +3.2%), Pulte (PHM +3.1%), D.R. Horton (DHI +3.3%)
Tue, May 24, 9:14 AM
Tue, May 24, 7:05 AM
- FQ2 net income of $89.1M or $0.51 per share vs. $67.9M and $0.37 one year ago.
- Revenue of $1.12B up 31% Y/Y; deliveries of 1,304 units up 9%. ASP of $855.5K up from $713.5K.
- Net signed contracts of $1.65B up 3%; 1,993 units also up 3%. ASP of $825.5K vs. $826.3K.
- Backlog of $4.19B and 4,940 units up 20% in dollars and 13% in units. ASP of $848.6K vs. $793.8K.
- Gross margin of 25.7% vs. 25.3%. SG&A as a percent of revenue of 11.5% vs. 12.6%.
- 2.9M shares bought back during quarter at average price of $27.27 each. Another 1.8M shares have been repurchased at average price of $26.50 so far in FQ3. The prior program has been terminated and a new 20M share one has been launched.
- Full-year guidance of 5.8K-6.3K in home deliveries at ASP of $820K-$850K, translating to projected revenues of $4.76B-$5.36B vs. FY15's $4.17B. Full-year gross margin of 25.8%-26.2%.
- CEO Doug Yearley says contracts through the first three weeks of FQ3 are about flat from a year ago.
- Conference call at 11 ET
- Previously: Toll Brothers reports FQ2 results (May 24)
- TOL +3.3% premarket
Tue, May 24, 5:37 AM
Mon, May 23, 5:30 PM
Mon, Apr. 18, 7:56 AM
- Together with an unnamed institutional investor, Toll Brothers (NYSE:TOL) - through its Gibraltar Capital and Asset Mangement subsidiary - announces a venture to provide builders and developers with land banking and JV capital.
- The new business will have a total of $400M of funding commitments - 75% from the instituional investor and 25% from Toll.
- Alongside this deal, Toll and its partner have formed a separate 75/25 JV which acquired most of Gibraltar's existing portfolio. Gibraltar was formed in 2010 to acquire distressed real estate loan portfolios from financial institutions.
- Now read: More Proof That A Real Estate Bubble Is Brewing (April 15)