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May 21, 2013
12:44 EDTTOLEarnings Preview: Toll Brothers pares some losses ahead of Q2 report
Toll Brothers (TOL) is expected to report Q2 earnings on Wednesday, May 22 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 7c on revenue of $511.06M, according to First Call. The consensus range for EPS is 3c-11c on revenue of $465.5M-$549.8M. LAST QUARTER: Toll reported Q1 EPS of 3c against estimates for 10c on revenue of $424.6M against estimates for $502.17M. On its Q1 conference call, Toll said through the first three weeks of Q2, contracts were up 40%. The company also said it expects to open approximately 70 new communities in the second, third and fourth quarters of FY13, and projects ending FY13 with between 225-255 selling communities. The company also added that in FY13, they expect to deliver between 3,750-4,300 homes with the average delivered price per home between $595,000-$630,000. Year-end community count was seen at 225-255, with the growth occurring late in the second half of the fiscal year. STREET RESEARCH: Street research has been mostly positive since Tollís Q1 earnings report. On March 19, Raymond James upgraded Toll to Strong Buy from Outperform and raised their price target to $40 from $37. Keefe Bruyette upgraded the shares to Outperform from Market Perform on April 19, citing valuation, with $35 price report. Negative sentiment came from Sterne Agee on March 13 when they initiated Toll with an Underperform rating and a price target of $29. PRICE ACTION: Tollís shares have traded in a choppy pattern since its Q1 results, down about more than $1.00, or 3.5%. Shares of Toll declined about 20% from late March to late April, but regained most of that territory over the past month. In early afternoon trading ahead of Wednesday's Q2 report, Toll is down over 3%.
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