Toll Brothers Sales Revenues Down 2% YOY in Q1
Horsham, PA, February 27, 2020-Toll Brothers announced that home sales revenues were down 2% in Q1 2020, compared to Q1 2019; home building deliveries increased 5%.
Net income and earnings fell 49.2% YOY.
Douglas C. Yearley, Jr., Toll Brothers’ chairman and chief executive officer, stated, “Our first quarter contracts were up 31% in units and 28% in dollars, and our contracts per-community were up 28%, compared to one year ago. We saw improvement in California with contracts up 32% in units and 10% in dollars. Demand has remained strong through the start of our second quarter and we are experiencing pricing power in many of our markets.
“Revenues were below guidance in our first quarter, as some deliveries slipped into our second quarter. Our guidance for deliveries for FY 2020 is between 8,600 and 9,100 homes, at an average price of between $800,000 and $820,000 per home.”