In anticipation of its webcast presentation and related investor
meetings on November 11, 2015 at the UBS Building and Building
Products Annual CEO Conference in New York City, Toll Brothers,
Inc. (NYSE:TOL) (www.tollbrothers.com), the nation's leading
builder of luxury homes, today announced preliminary results for
contracts, backlog and home building revenues for its fourth
quarter and fiscal year ended October 31, 2015. These results are
preliminary and unaudited. The Company will announce final totals
when it releases fourth quarter and fiscal year earnings results on
December 8, 2015, followed by an 11:00 A.M. (EST) conference call
that will be broadcast live on its website.
Fourth Quarter and Fiscal Year 2015 Financial Highlights
(preliminary and unaudited):
- FY 2015's fourth-quarter total revenues of $1.44 billion and
1,820 units increased 6% in dollars and 1% in units, compared to FY
2014's fourth-quarter results of $1.35 billion and 1,807 units. The
average price of homes delivered was $790,000, compared to $724,000
in FY 2015's third quarter and $747,000 in FY 2014's fourth
quarter.
- FY 2015's fourth-quarter net signed contracts of $1.25 billion
and 1,437 units rose 29% in dollars and 12% in units, compared to
FY 2014's fourth-quarter net signed contracts of $970.8 million and
1,282 units. The average price of net contracts signed in FY 2015's
fourth quarter was $872,000, compared to $834,000 in FY 2015's
third quarter and $757,000 in FY 2014's fourth quarter.
- The Company ended FY 2015 with a backlog of approximately $3.50
billion and 4,064 units, an increase of 29% in dollars and 10% in
units, compared to FY 2014's year-end backlog of $2.72 billion and
3,679 units. The average price of homes in FY 2015's
fourth-quarter-end backlog was $862,000 compared to $829,000 at FY
2015's third-quarter end and $739,000 at FY 2014's fourth-quarter
end.
- FY 2015's home building revenues of $4.17 billion and 5,525
units increased 7% in dollars and 2% in units, compared to FY
2014's results of $3.91 billion and 5,397 units.
- FY 2015's net signed contracts of $4.96 billion and 5,910 units
increased 27% in dollars and 12% in units, compared to net signed
contracts of $3.90 billion and 5,271 units in FY 2014.
Douglas C. Yearley, Jr., Toll Brothers' chief executive officer,
stated: "This is the fifth consecutive quarter of year-over-year
growth in contract dollars and units. Based on our strong
backlog and pace of demand, we believe we will have significant
growth and increased profitability in FY 2016."
Toll Brothers, Inc., A FORTUNE 1000 Company, is the nation's
leading builder of luxury homes. The Company began business in 1967
and became a public company in 1986. Its common stock is
listed on the New York Stock Exchange under the symbol
"TOL." The Company serves move-up, empty-nester, active-adult,
and second-home buyers and operates in 19 states: Arizona,
California, Colorado, Connecticut, Delaware, Florida, Illinois,
Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey,
New York, North Carolina, Pennsylvania, Texas, Virginia, and
Washington, as well as in the District of Columbia.
Toll Brothers builds an array of luxury residential
single-family detached, attached home, master planned resort-style
golf, and urban low-, mid-, and high-rise communities, principally
on land it develops and improves. The Company operates its own
architectural, engineering, mortgage, title, land development and
land sale, golf course development and management, home security,
and landscape subsidiaries. The Company also operates its own
lumber distribution, house component assembly, and manufacturing
operations. The Company purchases distressed loan and real
estate asset portfolios through its wholly owned subsidiary,
Gibraltar Capital and Asset Management. The Company acquires and
develops commercial and apartment properties through Toll
Commercial and Toll Apartment Living, and the affiliated Toll
Brothers Realty Trust, and develops urban low-, mid-, and
high-rise for-sale condominiums through Toll Brothers City
Living.
Toll Brothers was recently named as The Most Admired Home
Building Company in Fortune magazine's survey of the World's Most
Admired Companies for 2015. Toll Brothers was also named 2015
America's Most Trusted Home Builderâ„¢ by Lifestory Research, an
award which was based on a study of 43,200 new home shoppers in the
nation's top 27 housing markets. Toll Brothers was
named 2014 Builder of the Year by Builder magazine, and is honored
to have been awarded Builder of the Year in 2012 by Professional
Builder magazine, making it the first two-time recipient.
Toll Brothers proudly supports the communities in which it builds;
among other philanthropic pursuits, the Company sponsors the Toll
Brothers Metropolitan Opera International Radio Network, bringing
opera to neighborhoods throughout the world. For more information,
visit www.tollbrothers.com.
Toll Brothers discloses information about its business and
financial performance and other matters, and provides links to its
securities filings, notices of investor events, and earnings and
other news releases, on the Investor Relations section of its
website (tollbrothers.com/investor_relations).
Forward Looking Statement
Information presented herein for the fourth quarter ended
October 31, 2015 is subject to finalization of the Company's
regulatory filings, related financial and accounting reporting
procedures and external auditor procedures.
Certain information included in this release is forward-looking
within the meaning of the Private Securities Litigation Reform Act
of 1995, including, but not limited to, information related to:
anticipated operating results; anticipated financial performance,
resources and condition; selling communities; home deliveries;
average home prices; consumer demand and confidence; contract
pricing; business and investment opportunities; and market and
industry trends.
Such forward-looking information involves important risks and
uncertainties that could significantly affect actual results and
cause them to differ materially from expectations expressed herein
and in other Company reports, SEC filings, statements and
presentations. These risks and uncertainties include, among
others: local, regional, national and international economic
conditions; fluctuating consumer demand and confidence; interest
and unemployment rates; changes in sales conditions, including home
prices, in the markets where we build homes; conditions in our
newly entered markets and newly acquired operations; the
competitive environment in which we operate; the availability and
cost of land for future growth; conditions that could result in
inventory write-downs or write-downs associated with investments in
unconsolidated entities; the ability to recover our deferred tax
assets; the availability of capital; uncertainties in the capital
and securities markets; liquidity in the credit markets; changes in
tax laws and their interpretation; effects of governmental
legislation and regulation; the outcome of various legal
proceedings; the availability of adequate insurance at reasonable
cost; the impact of construction defect, product liability and home
warranty claims, including the adequacy of self-insurance accruals,
and the applicability and sufficiency of our insurance coverage;
the ability of customers to obtain financing for the purchase of
homes; the ability of home buyers to sell their existing homes; the
ability of the participants in various joint ventures to honor
their commitments; the availability and cost of labor and building
and construction materials; the cost of raw materials; construction
delays; domestic and international political events; and weather
conditions. For a more detailed discussion of these factors, see
the information under the captions "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" in our most recent annual report on Form 10-K and our
subsequent quarterly reports on Form 10-Q filed with the Securities
and Exchange Commission.
Any or all of the forward-looking statements included in this
release are not guarantees of future performance and may turn out
to be inaccurate. Forward-looking statements speak only as of
the date they are made. The Company undertakes no obligation
to publicly update any forward-looking statements, whether as a
result of new information, future events or otherwise.
Toll Brothers operates in two segments: Traditional Home
Building and Urban Infill ("City Living"). Within Traditional
Home Building, Toll operates in five geographic segments:
North: |
Connecticut, Illinois, Massachusetts,
Michigan, Minnesota, New Jersey, and New York |
Mid-Atlantic: |
Delaware, Maryland, Pennsylvania, and
Virginia |
South: |
Florida, North Carolina, and Texas |
West: |
Arizona, Colorado, Nevada, and
Washington |
California: |
California |
The fiscal 2015 information presented below is
preliminary.
|
Three Months Ended
October 31, |
|
Units |
$ (Millions) |
Average Price Per Unit
$ |
|
2015 |
2014 |
2015 |
2014 |
2015 |
2014 |
HOME BUILDING REVENUES |
|
|
|
|
|
|
North |
391 |
392 |
$ 239.0 |
$ 234.3 |
$ 611,300 |
$ 597,800 |
Mid-Atlantic |
413 |
427 |
266.2 |
264.9 |
644,400 |
620,500 |
South |
351 |
363 |
281.0 |
259.9 |
800,600 |
716,000 |
West (1) |
319 |
277 |
209.7 |
178.9 |
657,400 |
645,800 |
California (1) |
269 |
225 |
310.2 |
245.4 |
1,153,200 |
1,090,600 |
Traditional Home Building |
1,743 |
1,684 |
1,306.1 |
1,183.4 |
749,300 |
702,700 |
City Living |
77 |
123 |
131.1 |
167.3 |
1,702,800 |
1,360,000 |
Total consolidated |
1,820 |
1,807 |
$ 1,437.2 |
$ 1,350.7 |
$ 789,700 |
$ 747,500 |
|
|
|
|
|
|
|
CONTRACTS |
|
|
|
|
|
|
North |
311 |
286 |
$ 219.7 |
$ 174.0 |
$ 706,400 |
$ 608,400 |
Mid-Atlantic |
331 |
287 |
216.3 |
185.8 |
653,300 |
647,300 |
South |
234 |
293 |
179.9 |
223.5 |
769,000 |
762,900 |
West (1) |
291 |
225 |
211.5 |
147.5 |
726,700 |
655,500 |
California (1) |
195 |
143 |
290.9 |
159.0 |
1,492,000 |
1,112,000 |
Traditional Home Building |
1,362 |
1,234 |
1,118.3 |
889.8 |
821,100 |
721,100 |
City Living |
75 |
48 |
134.6 |
81.0 |
1,794,300 |
1,686,500 |
Total consolidated |
1,437 |
1,282 |
$ 1,252.9 |
$ 970.8 |
$ 871,900 |
$ 757,200 |
|
|
|
|
|
|
|
BACKLOG |
|
|
|
|
|
|
North |
890 |
878 |
$ 619.2 |
$ 564.6 |
$ 695,800 |
$ 643,100 |
Mid-Atlantic |
811 |
830 |
518.9 |
519.5 |
639,900 |
625,900 |
South |
824 |
963 |
669.2 |
723.2 |
812,100 |
751,000 |
West (1) |
816 |
589 |
573.5 |
392.6 |
702,800 |
666,600 |
California (1) |
609 |
275 |
897.8 |
304.6 |
1,474,200 |
1,107,600 |
Traditional Home Building |
3,950 |
3,535 |
3,278.6 |
2,504.5 |
830,000 |
708,500 |
City Living |
114 |
144 |
225.4 |
215.2 |
1,977,200 |
1,494,200 |
Total consolidated |
4,064 |
3,679 |
$ 3,504.0 |
$ 2,719.7 |
$ 862,200 |
$ 739,200 |
|
|
|
|
|
Twelve Months Ended
October 31, |
|
Units |
$ (Millions) |
Average Price Per Unit
$ |
|
2015 |
2014 |
2015 |
2014 |
2015 |
2014 |
HOME BUILDING REVENUES |
|
|
|
|
|
|
North |
1,126 |
1,110 |
$ 702.2 |
$ 662.7 |
$ 623,600 |
$ 597,000 |
Mid-Atlantic |
1,342 |
1,292 |
845.3 |
817.3 |
629,900 |
632,600 |
South |
1,175 |
1,204 |
892.3 |
836.5 |
759,400 |
694,800 |
West (1) |
994 |
814 |
665.3 |
517.9 |
669,300 |
636,200 |
California (1) |
669 |
713 |
750.0 |
795.8 |
1,121,100 |
1,116,100 |
Traditional Home Building |
5,306 |
5,133 |
3,855.1 |
3,630.2 |
726,600 |
707,200 |
City Living |
219 |
264 |
316.1 |
281.4 |
1,443,400 |
1,065,900 |
Total consolidated |
5,525 |
5,397 |
$ 4,171.2 |
$ 3,911.6 |
$ 755,000 |
$ 724,800 |
|
|
|
|
|
|
|
CONTRACTS |
|
|
|
|
|
|
North |
1,138 |
1,040 |
$ 756.8 |
$ 664.8 |
$ 665,000 |
$ 639,200 |
Mid-Atlantic |
1,323 |
1,220 |
844.7 |
763.9 |
638,500 |
626,100 |
South |
1,036 |
1,211 |
838.3 |
886.2 |
809,200 |
731,800 |
West (1) |
1,221 |
951 |
846.2 |
618.2 |
693,000 |
650,100 |
California (1) |
1,003 |
639 |
1,343.2 |
694.2 |
1,339,200 |
1,086,400 |
Traditional Home Building |
5,721 |
5,061 |
4,629.2 |
3,627.3 |
809,200 |
716,700 |
City Living |
189 |
210 |
326.4 |
269.2 |
1,727,000 |
1,281,900 |
Total consolidated |
5,910 |
5,271 |
$ 4,955.6 |
$ 3,896.5 |
$ 838,500 |
$ 739,200 |
|
|
|
|
|
|
|
(1) Prior to October 31,
2015, California was included in the West geographic segment. Due
to the increase in our assets and operations in California, it is
now presented as a separate geographic segment. Prior year amounts
have been reclassified to conform to the fiscal 2015
presentation. |
Unconsolidated entities:
Information related to revenues and contracts of entities in
which we have an interest for the three-month and twelve-month
periods ended October 31, 2015 and 2014, and for backlog at
October 31, 2015 and 2014 is as follows:
|
Units |
$ (Millions) |
Average Price Per Unit
$ |
|
2015 |
2014 |
2015 |
2014 |
2015 |
2014 |
Three months ended October 31, |
|
|
|
|
|
|
Revenues |
21 |
21 |
$ 17.2 |
$ 15.3 |
$ 820,000 |
$ 730,400 |
Contracts |
40 |
22 |
$ 74.6 |
$ 49.9 |
$ 1,865,300 |
$ 2,268,700 |
|
|
|
|
|
|
|
Twelve months ended October 31, |
|
|
|
|
|
|
Revenues |
96 |
70 |
$ 78.1 |
$ 54.9 |
$ 813,300 |
$ 784,600 |
Contracts |
147 |
143 |
$ 260.2 |
$ 293.2 |
$ 1,770,100 |
$ 2,050,000 |
|
|
|
|
|
|
|
Backlog at October 31, |
186 |
135 |
$ 466.6 |
$ 284.4 |
$ 2,508,500 |
$ 2,107,000 |
CONTACT: Frederick N. Cooper (215) 938-8312
fcooper@tollbrothersinc.com
Toll Brothers (NYSE:TOL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Toll Brothers (NYSE:TOL)
Historical Stock Chart
From Sep 2023 to Sep 2024