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May 27, 2014
12:13 EDTTOLEarnings Preview: Toll Brothers sentiment mixed ahead of Q2 results
Toll Brothers (TOL) is expected to report second quarter earnings on Wednesday, May 28 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 26c on revenue of $830.94M according to First Call. The consensus range for EPS is 16c-34 on revenue of $765.0M-$918.2M. LAST QUARTER: Toll reported first quarter EPS of 25c against estimates for 18c on revenue of $643.7M against estimates for $643.92M. Q4 backlog was $2.69B. On its Q1 earnings conference call Toll said, "Through the first three and-a-half weeks of our second quarter, our contracts in units were down about 8%. During this time, traffic has actually been up about 8% per community, which is encouraging, especially given the weather in many of our markets." For FY14, the company expects a 175bps-200bps improvement in gross margin over FY13 levels, with the most significant improvements occurring in Q3 and Q4. Full year 2014, SG&A is still anticipated to be up 25% over full year 2013. STREET RESEARCH: Street research has been mixed in the weeks leading up to Tollís Q2 earnings report. On February 26, Keefe Bruyette downgraded Toll to Market Perform from Outperform, but raised its price target on the stock to $42 from $40. On March 4, BofA/Merrill raided its price target on the shares to $49 from $42 based on gross margin expansion, the faster growing higher income demographic, and views valuation as attractive. Shares were Buy rated. PRICE ACTION: Tollís shares have fallen approximately 10% since Q1 results were released . In early afternoon trading ahead of Wednesday morning's Q2 report, Toll is up 0.5%.
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