Toll Brothers (TOL) has raised its full-year guidance for deliveries, adjusted gross margin, and SG&A leverage, expecting a return on beginning equity for fiscal 2023 of approximately 22%. The company reported record third-quarter earnings of $3.73 per diluted share, up 59% YoY. It also signed 2,245 net contracts for $2.2 billion in the quarter, up 77% YoY. The company's net debt-to-capital ratio was 20.5% and total liquidity was $2.8 billion. It repurchased approximately $162.5 million of its common stock and paid $69 million in dividends. Standard & Poor's upgraded the company's credit rating to investment grade.