Troy Bayer • 11 Comments
Dec. 8, 2015, 7:25 AM
- FQ4 net income of $147.2M or $0.80 per share vs. $131.5M and $0.71 one year earlier.
- Home building deliveries of 1,820 units for $1.44B up 1% in units and 6% in dollars.
- Net signed contracts of 1,437 units for $1.25B up 12% in units and 29% in dollars. ASP of net signed contracts of $872K up from $757K a year ago.
- In the first five weeks of FQ1 of 2016, net signed contracts up 21% in units.
- Backlog of $3.5B and 4,064 units up 29% in dollars and 10% in units.
- Gross margin excluding interest and impairments of 26%, up 80 basis points from a year ago.
- FY16 revenue is expected at $4.5B-$5.6B based on deliveries of 5.6K-6.6K homes at an ASP of $800K-$850K.
- During FY15, 1.67M shares repurchased at an average price of $34.17.
- Conference call at 11 ET
- Previously: Toll Brothers misses by $0.03, beats on revenue (Dec. 8)
- TOL flat premarket
Nov. 8, 2013, 7:12 AM
- Toll Brothers (TOL) has priced an offering of 6.25M shares at $32 each, which would enable the company to raise a gross $200M.
- That sum could rise if underwriters take up a greenshoe option of 937,500 shares.
- Toll expects the offering to close on Wednesday next week. The luxury home-builder plans to use the money to help pay for the $1.6B acquisition of the house-construction business of Shapell Industries.
- Shares closed at $32.68 yesterday. (PR)
Nov. 7, 2013, 7:06 AM
- Toll Brothers (TOL) launches an offering of 6.25M shares as the luxury home-builder looks to raise money to help pay for the $1.6B acquisition of the house-construction business of Shapell Industries.
- Should Toll sell the stock at yesterday's close of $32.52, it would raise just over $200M.
- There is a greenshoe option of 937,500 shares.
- Shares are +1.3% premarket. (PR)
Nov. 7, 2013, 4:40 AM
- Toll Brothers (TOL) has agreed to acquire the home-building business of privately owned Shapell Industries for $1.6B in a transaction that will boost the company's presence in California. Toll will pay for the purchase in debt and equity.
- The luxury home-builder will gain Shapell's land portfolio of 5,200 home sites, most of which are entitled and which are located in many of California's most affluent and high-growth markets.
- After the deal is closed, Toll plans to sell around $500M worth of land.
- Toll believes that the acquisition will add to its earnings within the first year, excluding transaction costs.
- News of the purchase comes just a few days after Tri Pointe Homes agreed to merge with Weyerhaeuser's home-building division in a $2.7B deal. (PR)
- Meanwhile, Toll estimated that its FQ4 revenue rose a preliminary 65% to $1.04B, topping consensus of $921.03M, and lifted by price increases and an acceleration in the pace of sales.
- The average price of homes delivered climbed to $703,000 from $582,000 a year earlier.
- Contracts +23% in dollars and +6% in units.
- 2013 backlog increased to 3,679 units and about $2.63B. (PR)
Jul. 16, 2013, 7:54 AM
With house prices rising, profits healthy and financing available, large publicly traded house-builders such as Lennar (LEN), NVR (NVR) and Toll Brothers (TOL) have been buying up their smaller privately held rivals, which have had trouble getting funding for new developments. Ryland Group (RYL) is onto its third acquisition in a year. To stay independent, some private companies have listed, with three IPOs in the sector taking place since January.| Jul. 16, 2013, 7:54 AM
Dec. 19, 2011, 9:10 AM
Lennar (LEN) is expanding its presence in the Pacific Northwest, acquiring 650 finished homesites from Seattle-based builder Premier Communities, and announcing plans to build new homes in the Portland area. The news comes a month after Toll Brothers (TOL) acquired a builder of Seattle-area luxury homes.| Dec. 19, 2011, 9:10 AM
Nov. 21, 2011, 10:36 AM
Toll Brothers (TOL -0.6%) outperforms a bit after announcing it's acquiring CamWest, a major builder of luxury homes in the Seattle area. CamWest owns or controls 1,500 lots, and is expected to have 2011 revenue of roughly $90M. Toll Brothers believes the acquisition will be accretive to its FY12 earnings.| Nov. 21, 2011, 10:36 AM | 1 Comment