$TOL Toll Brothers Earnings beat

NYSE:TOL   Toll Brothers, Inc
Potential long on a break above long term downtrend resistance as a result of earnings beat
Earnings Details
Reports Q3 revenue $1.65B, consensus $1.55B. Home sales revenues were $1.63B, down 7%, home building deliveries were 2,022, up 1%. Net signed contract homes were 2,833, up 26% and contract value was $2.21B, up 18%. Backlog in homes at Q3 end was 7,239, up 6%. Backlog value was $6.09B, up 4%. Douglas Yearley, Jr., chairman and CEO, stated: "We are very pleased with our overall performance in our third quarter, including revenues of $1.63 billion, net income of $114.8 million and backlog of $6.09 billion. Our adjusted gross margin of 21.9% in the quarter improved sequentially compared to 21.0% in the fiscal 2020 second quarter due to a shift in mix of deliveries and solid execution by our teams in the field. SG&A as a percentage of home sales revenue improved to 9.9% in the quarter from 10.6% in the prior year period, reflecting cost efficiencies initiated in our second quarter."
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