At last check Toll Brothers shares were lower by 7.7%. They closed the regular session down 5.7% at $44.29 on Tuesday, a day when the broad market was routed.
In the quarter ended Jan. 31, the Horsham Pa., luxury-home builder earned 41 cents a share compared with 76 cents in the year-earlier quarter. Shares outstanding declined 5.5% to 139.9 million.
Revenue eased to $1.33 billion from $1.36 billion.
A survey of analysts by FactSet produced consensus estimates of 46 cents a share of profit on $1.44 billion of revenue.
“Revenues were below guidance ... as some deliveries slipped into our second quarter," Chairman and Chief Executive Douglas Yearley Jr. said in a statement.
Toll's gross profit margin on home sales in the quarter narrowed to 18.3% from 21% a year earlier.
Selling, general and administrative expense as a percentage of home-sales revenue was 14.8% compared with 12.3%.
In Q1 compared with a year earlier, net signed contract units rose 31% to 1,806, with the contract value up 28%.
And the backlog at the end of Q1 was up 9% in units to 6,461 with the value up 2%.
For all of fiscal 2020, Toll Brothers expects to deliver 8,600 to 9,100 homes at an average price of $800,000 to $820,000.
Toll Brothers, founded 1967, builds in 24 states and Washington.
In 2020 to date, Toll Brothers stock through the regular close on Tuesday was up 12%. It touched a 52-week high above $49 on Feb. 11.