Why Is Toll Brothers Stock Trading Higher Wednesday?
Portfolio Pulse from Nabaparna Bhattacharya
Toll Brothers, Inc. (NYSE:TOL) shares rose in premarket trading on Wednesday after the company reported Q1 2024 earnings and revenue that exceeded analyst expectations. Earnings per share were $2.25, surpassing the consensus of $1.78, with revenues at $1.948 billion against expected $1.859 billion. The company also reported a 42% year-over-year increase in net signed contract value and a 40% increase in contracted homes. Despite a decrease in backlog value and homes, the gross margin on home sales improved. CEO Douglas C. Yearley, Jr. announced an increase in full-year guidance and highlighted the company's strong land position for future growth. TOL shares were up 3.09% to $106.75 in premarket trading.
February 21, 2024 | 1:12 pm
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Toll Brothers, Inc. (TOL) reported higher than expected Q1 2024 earnings and revenue, leading to a premarket stock price increase. The company also raised its full-year guidance.
Toll Brothers' positive earnings report and the subsequent increase in full-year guidance are strong indicators of the company's financial health and future growth prospects. This news is likely to instill confidence in investors, leading to a short-term positive impact on the stock price. The significant beat on both earnings and revenue expectations, coupled with a robust outlook, directly contributes to the stock's premarket rise.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100