By Kelly Cloonan
Toll Brothers reiterated its outlook for the year despite soft demand in its latest quarter, and its chief executive said long-term trends for its luxury homes remain positive.
The Fort Washington, Pa., home-construction company on Monday said it continues to expect to deliver 11,200 to 11,600 units this year, with an average delivered price per home of $945,000 to $965,000.
Chief Executive Douglas Yearley said the company continues to believe the long-term outlook for the new homes market remains positive, particularly for its luxury niche, given a housing shortage and favorable demographics.
For the second quarter, the company posted a profit of $352.4 million, or $3.50 a share, compared with $481.6 million, or $4.55 a share, a year earlier. Analysts polled by FactSet expected $2.83 a share.
Revenue fell 3.5%, to $2.74 billion, above analyst estimates of $2.48 billion, according to FactSet.
Home-sales revenue rose 2.2%, to $2.71 billion, partially offsetting an 83% fall in land sales, to $32.6 million.
Yearley said the company saw a softer demand environment in the quarter.
For its fiscal third quarter, Toll guided for deliveries between 2,800 units and 3,000 units, and an average delivered home price of $965,000 to $985,000.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
May 20, 2025 17:02 ET (21:02 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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