Summary by Moomoo AI
Toll Brothers reported Q3 FY2024 revenues of $2.73 billion, up 2% year-over-year, with home sales revenue increasing to $2.72 billion. The luxury homebuilder delivered 2,814 homes, an 11% increase from the prior year, while the average delivered price decreased 9% to $968,200, reflecting its strategic expansion into more affordable homes and increased spec home production.Net signed contracts rose 11% to 2,490 homes valued at $2.41 billion, driven by a 17% increase in selling communities to 404 locations. The company maintained strong profitability with a gross margin of 27.4%, though net income decreased 10% to $374.6 million. Backlog value stood at $7.07 billion with 6,769 homes as of July 31, 2024.The company ended the quarter with a robust financial position, holding $893.4 million in cash and $1.77 billion available under its revolving credit facility. Toll Brothers continued its shareholder returns, repurchasing $245.9 million of stock and increasing its quarterly dividend by 10% to $0.23 per share during the period.
