Toll Brothers Q1 Pre-tax Profit Rises 15%, Home Sales Revenues Up 12%

(RTTNews) - Toll Brothers, Inc. (TOL) reported first-quarter pre-tax income of $151.4 million, compared to pre-tax income of $131.6 million, prior year. Home sales revenues of $1.32 billion and 1,530 units rose 12% in dollars and 8% in units, for the quarter.

Toll Brothers announced the company expects second-quarter deliveries of between 1,650 and 1,850 units with an average price of between $860 thousand and $890 thousand. The company expects its second quarter adjusted home sales gross margin to be approximately 23.1% of home sales revenues.

Martin Connor, Toll Brothers' CFO, said: "Our first quarter results exceeded our expectations, driven by strong revenue growth and gross margins, and improved SG&A leverage. Our balance sheet remains solid. We ended our first quarter with total liquidity of $1.9 billion, including over $800 million of cash and cash equivalents and $1.12 billion available under our revolving bank credit facility. We finished the quarter with a book value per share of approximately $33."