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December 9, 2013
12:14 EDTRLGY, TOLEarnings Preview: Toll Brothers sees gross, operating margins improving in Q4
Toll Brothers (TOL) is expected to report Q4 earnings on Tuesday, December 10 before the market open with a conference call scheduled for 2:00 pm ET. Toll Brothers is a designer and builder of luxury homes. EXPECTATIONS: Analysts are looking for EPS of 43c on revenue of $992.27M, according to First Call. The consensus range for EPS is 36c-56c on revenue of $889.23M-$1.06B. LAST QUARTER: Toll reported Q3 EPS of 26c against estimates for 26c on revenue of $689.2M against estimates for $696.12M. Q3 backlog was $2.84B. NEWS: On November 7, Toll Brothers agreed to purchase Shapell Homes for about $1.6B in cash. It also announced preliminary Q4 revenue of approximately $1.04B, compared to analystsí consensus estimates of $921.03M. Q4 home building deliveries increased 36% to 1,485 units. The average price of homes delivered in Q4 grew to approximately $703,000. Toll reported backlog of $46.2M consisting of 62 units as of October 31. Earlier in the quarter, the company said it expected to deliver 1,225-1,425 homes in Q4 at an average price of between $675,000- $695,000 per home. It also anticipated an improvement in Q4 gross and operating margins. On November 14 at the UBS Building and Building Products CEO Conference, Tollís CEO Doug Yearley said he was "very bullish" on 2014, and the Shapell acquisition was a "game changer." STREET RESEARCH: Street research has been mixed since Tollís Q3 earnings report. On August 22, JMP Securities said Toll Brothers should be bought on weakness. The firm expected Toll to continue to benefit from its land position. Conversely, On October 7, Goldman Sachs downgraded Toll to Neutral from Buy based on relative valuation. Goldman kept a $36.50 price target on the shares and said they preferred Realogy (RLGY), which was upgraded to Buy earlier that morning. PRICE ACTION: Since its Q3 results, Tollís shares have traded higher by about 6%. In early afternoon trading ahead of Tuesday's Q4 report, Toll is up over 2%.
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