NYSE$TOL
Toll Brothers Inc · Q1 2021 earnings
Q1 2021 earnings · · Investor relations
Briefing
Toll Brothers reported strong first quarter results driven by a robust housing market, increased demand, and strategic execution.
Toll Brothers reported a strong first quarter with significant increases in net income, earnings per share, contract value, and backlog value. The company also repurchased shares and repaid debt, reflecting financial strength and flexibility.
- Net income increased to $96.5 million, or $0.76 per share diluted, compared to $56.9 million, or $0.41 per share diluted, in the prior year's first quarter.
- Net signed contract value rose by 68% to $2.51 billion, with a 59% increase in contracted homes to 2,874 units.
- Backlog value grew by 37% to $7.47 billion, and homes in backlog increased by 38% to 8,888 units.
- The company repurchased approximately 4.0 million shares for $179.4 million and voluntarily repaid $150.0 million of its senior unsecured bank term loan.
Headline financials
Revenue & EPS history
Toll Brothers · Revenue · Quarterly
$1.56B
Revenue by segment
Toll Brothers · $1.4B total across 5 segments · Q1 2021
- Mountain$378M+43.7%26.9%
- Pacific$331M-16.2%23.6%
- North$313M+23.0%22.3%
- South$217M+18.1%15.5%
- Mid-Atlantic$164M+0.9%11.7%
Forward guidance
The company provided guidance for the second quarter and full fiscal year 2021, including projections for deliveries, average prices, gross margins, and SG&A expenses.
Tailwinds
- Second quarter deliveries of approximately 2,175 homes with an average price of between $785,000 and $805,000.
- FY 2021 deliveries of between 10,000 and 10,400 homes with an average price of between $790,000 and $810,000.
- Second quarter adjusted home sales gross margin of approximately 23.4%.
- FY 2021 adjusted home sales gross margin of approximately 24.3%.
- Second quarter SG&A, as a percentage of home sales revenues, of approximately 13.0%.
Headwinds
- Delivery guidance for the second quarter reflects the slower COVID-19 impacted sales environment of mid-March through May 2020.
- The Company expects to incur a pre-tax charge of approximately $33 million in the second quarter for the early extinguishment of debt.
- Second quarter other income, income from unconsolidated entities, and land sales and other gross profit of approximately $7 million.
- FY 2021 other income, income from unconsolidated entities, and land sales and other gross profit of approximately $80 million.
- Second quarter tax rate of approximately 26.0%.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2021
-0.2%
Avg return
Earnings day
+0.3%
Avg return
5 days after
-1.3%
Avg return
30 days after
51%
35 / 68 earnings
Positive
+10.5%
Q3 2018
Best reaction
-19.5%
Q1 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | +9.9% | — | — | |
| Q1 2026 | -2.5% | -3.3% | -19.4% | |
| Q4 2025 | -2.4% | +2.2% | -0.5% | |
| Q3 2025 | -0.7% | +4.9% | +5.7% | |
| Q2 2025 | -0.4% | -0.2% | +3.6% | |
| Q1 2025 | -5.9% | -9.4% | -13.0% | |
| Q4 2024 | -5.5% | -13.1% | -17.6% | |
| Q3 2024 | +5.5% | +11.3% | +14.6% | |
| Q2 2024 | -9.0% | -6.2% | -11.7% | |
| Q1 2024 | +5.3% | +8.9% | +23.8% | |
| Q4 2023 | +1.9% | +6.5% | +13.2% | |
| Q3 2023 | +5.1% | +3.1% | -1.9% | |
| Q2 2023 | +0.6% | +5.2% | +17.2% | |
| Q1 2023 | +0.5% | +2.0% | +1.9% | |
| Q4 2022 | +5.6% | +4.0% | +11.3% | |
| Q3 2022 | +1.5% | +1.3% | -7.6% | |
| Q2 2022 | +2.9% | +9.4% | -4.9% | |
| Q1 2022 | -9.4% | -0.8% | -8.4% | |
| Q4 2021 | +2.3% | +5.3% | -3.2% | |
| Q3 2021 | +7.2% | +8.5% | +0.9% | |
| Q2 2021 | +6.3% | +7.7% | -6.1% | |
| Q1 2021 | +4.3% | -0.4% | +4.8% | |
| Q4 2020 | -5.4% | -7.3% | -11.6% | |
| Q3 2020 | -1.3% | -6.0% | +3.9% | |
| Q2 2020 | +7.0% | +6.7% | -2.7% | |
| Q1 2020 | -19.5% | -21.2% | -52.9% | |
| Q4 2019 | -3.6% | -2.8% | +1.1% | |
| Q3 2019 | -3.2% | -4.0% | +7.5% | |
| Q2 2019 | -2.4% | -3.2% | -0.2% | |
| Q1 2019 | -2.6% | -5.0% | -2.4% | |
| Q4 2018 | -1.0% | -1.2% | -1.0% | |
| Q3 2018 | +10.5% | +6.6% | +3.3% | |
| Q2 2018 | -8.5% | -6.6% | -14.3% | |
| Q1 2018 | -7.8% | -7.6% | -9.0% | |
| Q4 2017 | -7.9% | -5.5% | -1.0% | |
| Q3 2017 | -2.0% | -1.3% | +4.1% | |
| Q2 2017 | -0.2% | -1.7% | +2.3% | |
| Q1 2017 | +6.2% | +7.5% | +12.1% | |
| Q4 2016 | +7.0% | +5.6% | +4.6% | |
| Q3 2016 | +5.8% | +4.8% | -0.4% | |
| Q2 2016 | +7.3% | +7.6% | +1.8% | |
| Q1 2016 | +3.1% | — | — | |
| Q4 2015 | -9.8% | — | — | |
| Q3 2015 | -5.5% | — | — | |
| Q2 2015 | -1.4% | — | — | |
| Q1 2015 | +3.8% | — | — | |
| Q4 2014 | -7.6% | — | — | |
| Q3 2014 | -5.4% | — | — | |
| Q2 2014 | +2.1% | — | — | |
| Q1 2014 | +1.5% | — | — | |
| Q4 2013 | -2.4% | — | — | |
| Q3 2013 | +2.6% | — | — | |
| Q2 2013 | +4.4% | — | — | |
| Q1 2013 | -6.6% | — | — | |
| Q4 2012 | -5.6% | — | — | |
| Q3 2012 | +2.5% | — | — | |
| Q2 2012 | +2.1% | — | — | |
| Q1 2012 | +1.3% | — | — | |
| Q4 2011 | -2.7% | — | — | |
| Q3 2011 | +0.2% | — | — | |
| Q2 2011 | -2.0% | — | — | |
| Q1 2010 | +2.8% | — | — | |
| Q1 2011 | +1.6% | — | — | |
| Q2 2010 | -0.2% | — | — | |
| Q4 2008 | -0.2% | — | — | |
| Q3 2010 | +1.6% | — | — | |
| Q3 2009 | +1.6% | — | — | |
| Q4 2009 | +1.6% | — | — |
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