By Liz Moyer
Investing.com -- Toll Brothers Inc (NYSE: TOL ) beat expectations for fiscal first-quarter earnings and revenue as demand in the housing market starts to recover.
Shares of the home builder rose 2.6% in after-hours trading. They are up 12% so far this year.
Toll Brothers reported earnings per share of $1.70 and revenue from homebuilding of $1.75 billion. Total revenue slipped to $1.78B from $1.79B one year ago.
Analysts expected first-quarter earnings per share of $1.39 on sales of $1.74B. Revenue was up 4% from the first quarter last year.
“Since the start of the calendar year, we have seen a marked increase in demand beyond normal seasonality as buyer confidence appears to be improving,” said Douglas C. Yearley, Jr., chairman and CEO. “We believe the recent pick-up in demand is a sign that the long-term fundamentals underpinning the housing market remain intact.”
The company reaffirmed full fiscal year 2023 guidance of an adjusted gross margin of 27.0% and earnings per share of $8 to $9.
The company said it delivered 1,826 homes in the first quarter, down 5%, and had a quarter-end backlog value of $8.6B, down 21%.
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