Summary by Moomoo AI
Toll Brothers reported solid Q3 FY2024 results with home sales revenues reaching $2.72B, up 2% YoY, while delivering 2,814 homes, an 11% increase. Net income was $374.6M ($3.60 per share), compared to $414.8M ($3.73 per share) in Q3 FY2023. Adjusted home sales gross margin stood at 28.8%, exceeding guidance.Net signed contracts rose 11% in both units and dollars to $2.41B, with July being the strongest month. The company maintained strong operational metrics with a backlog of $7.07B and 6,769 homes. Community count grew to 404, up from 345 year-over-year, with a target of 410 by fiscal year-end.Based on Q3 performance, Toll Brothers raised full-year guidance across key metrics, including adjusted gross margin to approximately 28.3%. The company increased its share repurchase target from $500M to $600M for FY2024, having repurchased $246M in Q3. The company maintains a healthy balance sheet with a net debt-to-capital ratio of 19.6%.
