$Toll Brothers (TOL.US)$ traded higher by 4% after reporting earnings Tuesday with an EPS of $2.25, beating the analyst consensus of $1.78.
Quarterly revenues of $1.948 billion beat the street view of $1.859 billion. Net signed contract value was $2.06 billion, up 42% year over year. Contracted homes were 2,042, up 40% from the prior-year quarter.
Backlog value was $7.08 billion at first quarter end, down 18% year over year. Homes in backlog were 6,693, down 13% from the year-ago period.
Home sales gross margin was 27.6% in the quarter under review, expanding from 25.6% year over year.
Douglas C. Yearley, Jr., chairman and chief executive officer, stated: "Based on our first quarter results, and with a strong start to the spring selling season, we are raising our full year guidance across all key metrics."
Toll Brothers raises FY24 earnings per share forecast from $12.00-$12.50 to $13.25-$13.75 versus the $12.23 estimate.
"At the end of our first quarter we owned or controlled approximately 70,400 lots, providing us with sufficient land to increase community count over the next several years," Yearley added.