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Toll Brothers Reports 4th Qtr And FYE 2013 Results

Stocks in this article: TOL

HORSHAM, Pa., Dec. 10, 2013 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) ( www.tollbrothers.com ), the nation's leading builder of luxury homes, today announced results for earnings, revenues, contracts, and backlog for its fourth quarter and fiscal year ended October 31, 2013.

La Morra EPR

Fourth Quarter Financial Highlights:

  • FY 2013's fourth quarter net income was $94.9 million, or $0.54 per share diluted, compared to $411.4 million, or $2.35 per share in FY 2012's fourth quarter. Included in FY 2013's fourth quarter net income was a deferred tax asset valuation allowance reversal of $4.6 million, compared to a deferred tax asset valuation allowance reversal of $394.7 million in FY 2012's fourth quarter.
  • FY 2013's pre-tax income was $150.2 million, compared to $60.7 million in FY 2012's fourth quarter, an increase of 147%.
  • Revenues of $1.04 billion and homebuilding deliveries of 1,485 units rose 65% in dollars and 36% in units, compared to FY 2012's fourth quarter.
  • Net signed contracts of $839.0 million and 1,163 units rose 23% in dollars and 6% in units, compared to FY 2012's fourth quarter. On a per-community basis, FY 2013's fourth-quarter net signed contracts of 5.17 units per community, up 6% versus FY 2012's same period, were the highest for any fourth quarter since FY 2005.
  • Backlog of $2.63 billion and 3,679 units rose 57% in dollars and 43% in units, compared to FY 2012's fourth-quarter-end backlog.
  • The average price of homes delivered was $703,000, compared to $651,000 in FY 2013's third quarter and $582,000 in FY 2012's fourth quarter.
  • Gross margin, excluding interest and write-downs, was 25.4%, compared to 24.6% in FY 2012's fourth quarter. Operating margin improved to 12.3% from 8.3% in FY 2012's fourth quarter.
  • SG&A as a percentage of revenue improved to 8.9%, compared to 11.8% in FY 2012's fourth quarter. FY 2013's fourth quarter SG&A included a benefit of $4.8 million from insurance reversals, compared to $8.3 million in FY 2012's fourth quarter.
  • The Company ended FY 2013 with 232 selling communities, compared to 225 at FY 2013's third-quarter end, and 224 at FYE 2012. At FYE 2013, the Company had approximately 48,600 lots owned and optioned, compared to approximately 47,200 at FY 2013's third-quarter end and approximately 40,400 one year ago. Including its planned Shapell acquisition, the Company expects to end FY 2014 with between 250 and 290 selling communities.

FY 2013 Financial Highlights

  • FY 2013 net income was $170.6 million, or $0.97 per share diluted, compared to FY 2012's net income of $487.1 million, or $2.86 per share diluted. Included in FY 2013's full year net income was a deferred tax asset valuation allowance reversal of $4.6 million, compared to a deferred tax asset valuation allowance reversal of $394.7 million in FY 2012.
  • Pre-tax income was $267.7 million, compared to pre-tax income of $112.9 million in FY 2012.
  • Revenues of $2.67 billion and homebuilding deliveries of 4,184 units rose 42% in dollars and 27% in units, compared to FY 2012.
  • Net signed contracts of $3.63 billion and 5,294 units rose 42% in dollars and 27% in units, compared to FY 2012. On a per-community basis, FY 2013's net signed contracts of 23.5 units per community were the highest for any fiscal year since FY 2005.
  • Gross margin, excluding interest and write-downs, was 24.6%, compared to 24.0% for FY 2012. Operating margin improved to 7.5% from 3.4% in FY 2012's fourth quarter.
  • SG&A as a percentage of revenue improved to 12.7% compared to 15.3% for FY 2012.

Douglas C. Yearley, Jr., Toll Brothers' chief executive officer, stated: "With revenues and contracts up over 40%, backlog up over 50% and operating income up over 200%, FY 2013 was an excellent year for Toll Brothers.

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