Just before market open this morning, TOL shares gained 0.24%.
Earnings Top Estimates
The company reported fiscal fourth-quarter earnings of $374.3 million, which came out to $3.02 per share. The market had been expecting earnings more in the $2.48 per share range.
Full-Year Net Income
Toll Brothers said it made $833.6 million for the year, which came in as $6.63 diluted earnings per share. For comparison, the company’s 2020 net income was $446.6 million, or $3.40 diluted earnings per share.
CEO Remarks Regarding Supply Chain
CEO Douglas C. Yearley, Jr. pointed out in the company's earnings release that the demand for housing continues “to benefit from solid fundamentals, including favorable demographics, pent up demand from over a decade of underproduction of new homes, low mortgage rates, a tight resale market, and permanent changes to the way Americans view life, work and home.” Yearley did acknowledge that the industry still continues “to be challenged by significant supply chain and labor constraints that are extending delivery times for our homes.”
Toll Brothers anticipates delivering 2,000 units for the first quarter of 2022, with an average delivered price per home of $865,000 to $885,000. For the full fiscal year 2022, the company expects to deliver 11,250 - 12,000 units, with each home falling in the $875,000 to $895,000 price range.