Toll Brothers Third Quarter 2011 Numbers | ||
Quarter Three | Fiscal Year | |
Profit/(Loss) | $15 M -70% | $39.8 M +1,279% |
Home Deliveries | 757 +8.1% | 2,611 -1.2% |
New Orders | 644 +15.4% | 2,784 +6.9% |
Behind the Numbers:
Writedowns for the value of inventory and joint ventures of $33.9 million impacted Toll Brothers’ bottom line for the fiscal year that ended Oct. 31. If you take those out of the equation, the Horsham, Penn.–based builder would have been much more profitable for the year. Still, management seemed happy to turn in its sixth consecutive quarter of profitability before impairments and taxes and second consecutive quarter of profitability pre-tax. The company boosted its gross margins by nearly 250 points in 2011 on closings that were essentially flat year-over-year. Toll is concentrating on buying new land and opening new communities that it says will help profitability next year.
Learn more about markets featured in this article: Philadelphia, PA.
