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Stock Market & Financial Investment News

News Breaks
March 20, 2014
11:43 EDTLENLennar maintaining goal to deliver between 21K-22K homes for 2014
Says in Q1, has seen "clear signs" that volume is returning to the market even as severe weather made conditions difficult. began to see both traffic and sales volume begin a steady month by month improvement throughout the quarter. Says inventories are likely to remain constrained. Says all business well positioned for the future. Says will continue to see cost increases in some of the material, most notably drywall, lumber and siding that will begin to impact Q2 deliveries. Expects to be able to increase community count by 15% over the course of FY14. Anticipates that construction of development pipeline will be completed over the next four years. Sees net community count for the year at 600-625. Comments made during the company's Q1 earnings conference call.
News For LEN From The Last 14 Days
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August 25, 2015
13:00 EDTLENToll Brothers lags market rebound after reporting Q3 results
Shares of luxury home builder Toll Brothers (TOL) are trading lower after reporting third quarter profit and revenue that were lower than last year's Q3 results. WHAT'S NEW: Toll Brothers this morning reported Q3 earnings per share of 36c, well below the 53c the company reported in the year-ago quarter. Revenue for the quarter of $1.03B and deliveries of 1,419 units declined 3% in dollars and 2% in units from the year-ago level, while impairments rose to $18M from $6M in the year-ago quarter. Analysts were expecting Toll Brothers to report Q3 EPS of 49c on revenue of $1.05B. The company said that the average price of homes delivered was $724,000, compared to $732,000 in 3Q14. Looking ahead, Toll Brothers forecast fourth quarter deliveries of 1,645-1,945 units priced between $780,000-$800,000. The company also lowered the top end of its 2015 home deliveries forecast, and now sees deliveries of 5,350-5,650 homes compared to its prior forecast of 5,300-5,900 homes. Separately, The Commerce Department reported new home sales for July were up 5.4% to an annual pace of 507,000, which fell within the range of expectations. WHAT'S NOTABLE: On quarterly earnings conference call, Toll Brothers said it still sees net income and gross margin growth in 2016. The company added that the housing recovery is built on a "very solid foundation." The steady acceleration the industry is experiencing bodes well for the health of housing market due to pent-up demand, increasing household formations and current industry-wide production, the company said. The home builder said that there is "significant room" for growth with increased profitability in fiscal year 2016 and beyond. Toll also said it sees further consolidation in the sector. OTHERS TO WATCH: Other companies in the home building space include Lennar Corporation (LEN) PulteGroup (PHM), Hovnanian Enterprises, (HOV) and Ryland Group (RYL). PRICE ACTION: Shares of Toll Brothers are down 0.5% to $37.87 amid a broader market advance.

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