House builder Toll Brothers Inc (NYSE:TOL) has notched up its tenth consecutive quarter of year-on-year of signed contracts.
Its fiscal first quarter earnings update revealed net income declined to US$70.4mln from US$73.2mln the year before.
Earnings per share rose to 42 cents from 40 cents the year before.
Revenue eased to US$920.7mln from US$928.6mln the year before, with home building deliveries up 12% year-on-year to 1,190 units, but were flat in dollar terms.
The average price of homes delivered declined to US$773,700, due to changes in product mix, compared to US$873,500 the year before.
Net signed contracts of US$1.24 billion and 1,522 units rose 14% in dollars and 22% in units, compared to the same period a year earlier.
“This was our tenth consecutive quarter of year-over-year growth in contract dollars and units, with double digit increases in each of the past three quarters,” said Douglas Yearley, the chief executive officer of Toll Brothers.
“For the first three weeks of FY 2017’s second quarter, non-binding reservation deposits were up 16% in units, compared to the same period in FY 2016,”he added.
The latter news cheered the market, and the shares were up 5.8% in pre-market trading at US$33.875.
Story by ProactiveInvestors