Toll Brothers: 2023-24 targets raised again

(CercleFinance.com) - On Tuesday evening Toll Brothers announced a further increase in its annual targets, now expecting EPS of between $14.
50 and $14.75 for 2023-24, as well as an adjusted gross margin of around 28.3%.

The luxury home builder reported EPS of $3.60 for Q3 (ended July), vs. $3.73 a year earlier, with adjusted gross margin on home sales down 0.5 point to 28.8%.

Our adjusted gross margin significantly exceeded our expectations, due to a favourable mix and increased efficiency, management says, also pointing to an SG&A margin of 9%, 20bp above target.

Revenues from residential sales rose by 2% to $2.72bn, on an 11% increase in the number of homes delivered to 2,814, while the net value of contracts signed over the period climbed by 11% to $2.41bn.


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