Horsham, PA, May 11—-Toll Brothers said its second-quarter contracts and backlog for the period ended April 30 were the highest in its history on strong demand for luxury homes.
The company said its home-building revenue in its second quarter that was up 51% from the year-ago period to $1.23 billion.
The value of contracts signed in the second quarter rose 38% from the prior year, with the average home price jumping to $693,000 from $616,600. The number of contracts signed increased 23%, with every region posting gains except California.
The company said it delivered a record 1,912 homes, a 31% increase from last year but 13 homes under the low end of its estimate. The firm reiterated its previous guidance that it will deliver between 8,050 and 8,400 homes in 2005.
The company posted a record fiscal second-quarter backlog of 8,561 homes valued at $5.9 billion, compared with 6,211 homes valued at $3.73 billion last year.
Toll Brothers said it's on track to post 60% net-income growth in 2005, and 20% growth in 2006.
