Toll Brothers Q1 Profit Below Estimates, Stock Down

(RTTNews) - Toll Brothers, Inc. (TOL) reported that its first quarter net income dropped to $56.9 million or $0.41 per share from $112.1 million or $0.76 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.46 per share. Analysts' estimates typically exclude special items.

TOL closed Tuesday regular trade at $44.29, down $2.69 or 5.73 percent. In the after-hours, the stock further dropped $3.99 or 9.01 percent.

Home sales for the quarter grew to 1,611 units from 1,530 units in the prior year. But, quarterly home sales revenues were $1.30 billion down from $1.32 billion in the prior year. Analysts expected revenue of $1.45 billion for the quarter.

The company stated that its revenues were below guidance in its first quarter, as some deliveries slipped into its second quarter.

The company expects second quarter deliveries to be between 1,850 and 2,050 units with an average price of between $800,000 and $820,000.

The company projects fiscal Year 2020 deliveries to be between 8,600 and 9,100 units with an average price of between $800,000 and $820,000.