In the fiscal 2021 first quarter ended Jan. 31, Toll registered profit of 76 cents per share, beating the analyst consensus of 47 cents.
In the fiscal 2021 first quarter ended Jan. 31, Toll registered profit of $96.5 million, or 76 cents per share, up from $56.9 million, or 41 cents in the year-ago quarter. That latest per-share profit swamped the FactSet analyst consensus of 47 cents.
Revenue gained 9% to $1.4 billion in the latest quarter from $1.3 billion last year. The latest number beat the analyst consensus of $1.35 billion.
Toll shares recently rose $1.47, or 2.7%, to $55.70 in after-hours trading. They gained 1.08% during the regular session Tuesday and have jumped 22% over the past six months, as luxury home demand has soared during the COVID-19 pandemic.
The S&P CoreLogic Case-Shiller index of property values in 20 cities surged 10.1% in December from a year earlier. By comparison, between 1890 and 2012, U.S. house prices increased by 150% in real terms, according to a Dallas Federal Reserve Bank study.
As for Toll, “the housing market remains very strong, driven by a tight supply of new and existing homes for sale, favorable demographic trends, low mortgage rates, and a heightened appreciation for home ownership, especially among our customers,” said Chief Executive Douglas Yearley in a statement.
“These market conditions, which we expect to continue for the foreseeable future, clearly play to our strengths. … We raised our fiscal year guidance across nearly all key metrics. Our backlog provides good visibility through the first half of FY 2022, when we expect even stronger results.”
Originally published at https://www.thestreet.com/investing/toll-brothers-profit-tops-forecasts-home-demand on .