Homebuilder Toll Brothers Inc. disclosed net income of $111.8 million for the fiscal second quarter ended April 30, down 10.3% year over year from $124.6 million.
EPS came to 72 cents, compared to 73 cents in the fiscal second quarter of 2017.
Revenues for the quarter amounted to $1.60 billion, a 17.3% gain from $1.36 billion in the comparable 2017 period. The Horsham, Pa.-based company delivered a total of 1,886 units during the period, up from 1,638 units a year earlier, while the average price of delivered homes rose to $847,900 from $832,400.
The net signed contract value totaled $2.38 billion for 2,666 units, increasing year over year from roughly $2.02 billion for 2,511 units. By the end of the quarter, the company's total backlog was 7,030 units worth $6.36 billion, up 27.2% year over year.
During the period, Toll paid $176.9 million for 1,693 lots. The company had roughly 51,000 lots owned and optioned as at April 30, up from 46,600 lots a year earlier.
