Toll Brothers (TOL) reported better-than-expected earnings for the latest quarter on continued strong demand for new homes.
In the fiscal 2021 second quarter ended April 30, revenue soared 21% to $1.84 billion from $1.52 billion in the year-ago quarter. The FactSet analyst consensus called for $1.77 billion in the latest quarter.
Toll Brothers posted profit of $127.9 million, or $1.01 per share, in the quarter, up from $75.7 million, or $0.59 per share, last year. Analysts expected EPS of 80 cents in the latest quarter.
Toll delivered 2,271 homes in the latest quarter, beating analysts’ estimate of 2,236. Its average backlog home price was $860,100, topping analysts’ forecast of $856,000.
In February, Toll Brothers reported stronger-than-expected earnings for the fiscal first quarter ended Jan. 31 amid booming housing demand.
Toll registered profit of $96.5 million, or 76 cents per share, in the quarter up from $56.9 million, or 41 cents in the year-ago quarter. That latest per-share profit swamped the FactSet analyst consensus of 47 cents.
Revenue gained 9% to $1.4 billion in the latest quarter from $1.3 billion last year. The latest number beat the analyst consensus of $1.35 billion.
In other housing news Tuesday, the government reported that sales slid in April, putting pressure on stocks.
TheStreet.com ran a story from NerdWallet Monday, analyzing whether the housing market is in a bubble.
Toll recently stood at $62.51, up 0.79 percent, in after-hours trading. The stock has climbed 33% in the last six months, thanks to the buoyant housing market.