Toll Brothers Inc.'s net income for the fourth fiscal quarter ended Oct. 31 amounted to $191.9 million, or $1.17 per share, up from $114.4 million, or 67 cents per share, in the year-ago period.
The S&P Capital IQ consensus estimate for normalized EPS for the quarter ended Oct. 31 was $1.20.
The company's revenue rose 9%, hitting $2.03 billion, compared to $1.86 billion in the fourth quarter of fiscal 2016. Year over year, homebuilding deliveries reached 2,424 units in the quarter, 9% higher than the 2,224 units delivered in the 2016 period, while the average price of homes delivered rose to $836,600 from $834,300.
Net signed contracts reached $1.75 billion and 1,979 units, representing a year-over-year increase of 20% in dollars and 15% in units. During the fourth quarter, the company spent approximately $192.3 million to acquire 986 lots.
For the fiscal year ended Oct. 31, the company's net income totaled $535.5 million, or $3.17 per share, higher than $382.1 million, or $2.18 per share, a year ago. Pretax income taxes rose to $814.3 million, compared to $589.0 million in fiscal year 2016, and revenue increased 12% to $5.82 billion from $5.17 billion during the period.
The S&P Capital IQ consensus estimate for normalized EPS for the fiscal year was $3.05.
The company reported net signed contracts for 8,175 units worth $6.83 billion for the year, up 21% in dollars and 22% in units. As at October-end, the company's backlog of 5,851 units valued at $5.06 billion represented increases of 27% in dollars and 25% in units.
At the end of the fiscal year, Toll Brothers owned and optioned approximately 48,300 lots, compared to 48,800 lots a year ago.
The company ended the fiscal year with 305 selling communities, slightly lower than 310 in the year-ago period and 312 in the previous quarter.
Looking ahead, the company expects to deliver somewhere between 1,300 units and 1,500 units in the first quarter of fiscal 2018, with an average price in the range of $820,000 to $840,000.
The deliveries for the full fiscal year 2018 are estimated to be between 7,700 units and 8,700 units, at an average price of between $810,000 and $860,000.
