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Toll Brothers reports 87.6% rise in fiscal Q1 net income

Toll Brothers Inc. reported net income for the 2018 fiscal first quarter of $132.1 million, or 83 cents per share, an 87.6% rise and a 98% increase, respectively, in the aggregate from $70.4 million, or 42 cents per share, in the year-ago period.

Revenues rose year over year to roughly $1.18 billion, from $920.7 million, with the homebuilding deliveries totaling 1,423 units from 1,190 units in the comparable quarter in the prior year.

The S&P Capital IQ consensus EPS estimate for the latest fiscal quarter was 54 cents.

During the three-month period, the company's net signed contract value inched up 36% to $1.69 billion, comprising 1,822 units.

Backlog units amounted to 6,250 worth $5.58 billion, 28% higher than in the previous year.

In reporting results, the homebuilder disclosed it purchased 2,109 lots for $326.6 million during the quarter.