Toll Brothers Reports Record FY 2024 Results

Toll Brothers, Inc. (NYSE: TOL), a prominent builder of luxury homes in the United States, declared its financial outcomes for the fourth quarter ending on October 31, 2024. Despite challenges faced throughout the year, the company managed to achieve significant growth and success in various key financial areas.

During the fourth quarter of FY 2024, Toll Brothers reported a net income of $475.4 million, resulting in earnings of $4.63 per diluted share. Comparatively, in the same period of FY 2023, the net income was $445.5 million, with earnings of $4.11 per diluted share. Home sales revenues for the fourth quarter were $3.26 billion, marking a 10% increase from the previous year. The number of delivered homes also rose by 25% to 3,431 units.

Key financial highlights for the full fiscal year 2024, when compared to FY 2023, presented notable growth. The company saw net income of $1.57 billion and earnings per share of $15.01 on a diluted basis, including gains from land sales. Pre-tax income for the year amounted to $2.09 billion, reflecting a substantial increase from the previous fiscal year. Home sales revenues for the year were recorded at $10.56 billion, with a 7% rise from FY 2023.

Despite facing challenges such as a reduction in backlog value at the fourth quarter’s end and a slight decline in home sales gross margin, Toll Brothers maintained a strong financial position. The company ended FY 2024 with approximately $1.30 billion in cash and cash equivalents and a debt-to-capital ratio of 27.0%.

Douglas C. Yearley, Jr., Chairman and CEO of Toll Brothers, expressed his satisfaction with the results, highlighting the record-breaking $10.6 billion in home sales revenue for the full year. He emphasized the successful strategies implemented by the company, resulting in improved margins and strong financial performance throughout the year.

Looking ahead, Toll Brothers provided financial guidance for the first quarter and full fiscal year 2025, including delivery estimates, average home prices, and adjusted home sales gross margins. The company aims to sustain its growth momentum and capitalize on the strong demand observed as it moves into the spring selling season in mid-January.

Investors and stakeholders can access a conference call on December 10, 2024, hosted by Chairman and CEO Douglas C. Yearley, Jr., to discuss the financial results for the fourth quarter and the outlook for FY 2025. Toll Brothers remains optimistic about future growth opportunities, supported by its diversified offerings and strategic market positioning.

In other related news, Viad Corp (NYSE: VVI) announced the Mandatory Conversion Date for its 5.5% Convertible Series A Preferred Stock, which will simplify its capital structure and eliminate annual cash dividend payments.

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This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Toll Brothers’s 8K filing here.

Toll Brothers Company Profile

Toll Brothers, Inc, together with its subsidiaries, designs, builds, markets, sells, and arranges finance for a range of detached and attached homes in luxury residential communities in the United States. It designs, builds, markets, and sells condominiums through Toll Brothers City Living. The company also develops a range of single-story living and first-floor primary bedroom suite home designs, as well as communities with recreational amenities, such as golf courses, marinas, pool complexes, country clubs, and fitness and recreation centers; and develops, operates, and rents apartments.