Investing.com -- Toll Brothers reported Tuesday fiscal first quarter results that topped Wall Street amid solid demand as mortgage rates pulled back from peak levels.
Toll Brothers Inc (NYSE:TOL) was up 3% in afterhours trading following the report.
The company reported fiscal Q2 adjusted EPS of $1.78 on revenue of $1.88B, beating analyst estimates of $1.78 on revenue of $1.88B, respectively.
The homebuilder delivered 1,927 units just ahead of its previous guidance for deliveries of 1,800 to 1,900 units amid "another quarter of solid demand," the company said.
Net signed contract value was $2.06B, up 42% compared with the same period a year earlier, with contracted homes up 40% to 2,042.
Looking ahead, deliveries for fiscal Q2 were forecast in a range of 2,400 to 2,500 at an average price of $1M to $1.01M.
For 2024, deliveries were expected in a range of 10,000 to 10,500 units at an average price of $940,000 to $960,000 That was ahead of a prior estimate for 9,850 to 10,350 units.