Toll Brothers Reports Lower Income & Sales in Q3
Horsham, PA, August 21, 2019-Toll Brothers announced net income of $146.3 million for Q3 2019, compared to net income of $193.3 million in Q3 2018.
Home sales revenues fell 8% YOY in Q3, and home building deliveries were down 11%.
The company repurchased approximately 3.98 million shares of its common stock during the quarter at an average price of $35.74 per share for an aggregate purchase price of approximately $142.2 million.
Douglas C. Yearley, Jr., Toll Brothers’ chairman and chief executive officer, stated, “In our third quarter, we had strong revenues, gross margin, and earnings. While our third quarter contracts were down modestly, we are off to a good start in our fourth quarter. Low mortgage rates, a limited supply of new and existing homes, and a strong employment picture are providing tailwinds.”