Toll Brother just smashed earnings:
Toll Brothers beats by $0.06, reports revs in-line (36.01 )
Reports Q2 (Apr) earnings of $0.14 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.08; revenues rose 38.1% year/year to $516 mln vs the $516.46 mln consensus. > Additional Metrics:
- The average price of homes delivered was $577,000, compared to $569,000 in FY 2013’s first quarter and $557,000 in FY 2012’s second quarter.
- Net signed contracts of $1.19 billion and 1,753 units rose 57% in dollars and 36% in units, compared to FY 2012’s second quarter. On a per-community basis, FY 2013’s second
- quarter net signed contracts rose 39% to 7.79 units per community, the highest second quarter since FY 2006.
- The average price of net signed contracts was $678,000, compared to $631,000 in FY 2013’s first quarter and $585,000 in FY 2012’s second quarter.
- Backlog of $2.53 billion and 3,655 units rose 69% in dollars and 52% in units, compared to FY 2012’s second-quarter-end backlog.
- The average price of homes in backlog was $693,000, compared to $665,000 at FY 2013’s first-quarter end and $624,000 at FY 2012’s second-quarter end.
Outlook:
Based on FY 2013’s second-quarter-end backlog and the pace of activity at its communities, the Company currently estimates:
-
it will deliver between 3,850 and 4,200 homes in FY 2013.
-
believes the average delivered price for FY 2013’s full year will be between $610,000 and $630,000 per home.
-
expects to deliver approximately 25% more units and ~20% more revenues in FY 2013’s fourth quarter than in FY 2013’s third quarter.
Let’s have a look at residential construction, on an apples to apples basis, to see if there are any disconnects.
Fastest growing by earnings:
RYL, TOL, MTH, MDC
Fastest growing by revenue:
TPH, CHCI, MDC, RYL
Most levered, based on debt/equity:
BZH, HOV, KBH, SPF
Lowest PEGs:
TOL, MTH, RYL, MDC
Least owned by Institutions:
CHCI, HOV, SPF, AVHI
Lowest FPEs:
HOV, RYL, MTH, NVR
Lowest by P/B:
SKY, AVHI, SPF, TPH
Lowest by P/S:
SKY, BZH, HOV, CVCO
Smallest by market cap:
SKY, CHCI, AVHI, CVCO
If you enjoy the content at iBankCoin, please follow us on Twitter
The best way to look at homies is by territory. The best builders will be the ones operating in the best housing markets
PHM is Cali, hottest markets right now.
Off topic, but your “Day in the Life” post reminded me of a similarly-themed, and hilarious post by Rob Carl the Great, in the comments section of your “Managing Expectations” blog.
“I wake up every morning at 9:20am before the market opens and frontflip from my 35th floor penthouse into my valet parked 2016 Ferrari (I got conneections) and give the valet 3000$ in loose change. Push my sh*t to about 4 hundo (mph, mind you) and I get to the office in no time. All the secretaries usually get wet, and fire drills ensue but this is all normal to me. I am also usually showered with high fives from the guys as I enter the office as well. Put a massive swing position on whatever position my huge bicep vein is pointing to while I’m typing on the keyboard and head the fu*k out. At this point, its 9:31am and I just did more in 11 minutes than you peasants will ever do in your life (mind you the 3mill profit I generally make from that 1 trade).
I am cooler than a cucumber “noodleboy, I’m a fu*king ice cold greek god.”
http://ibankcoin.com/flyblog/2013/04/22/managing-expectations/
hahaha
JRCC up 50% in 5 days. Now I know how brokers are driving a brand new Porsche every 2 years.