Toll Brothers, Inc. announced its financial results for the fourth quarter and full fiscal year ended October 31, 2024, on December 9, 2024. The company reported its strongest year ever, achieving a record $10.6 billion in home sales revenue for the full year.
Full-year diluted earnings per share reached a record $15.01, a 21% increase over fiscal 2023. In the fourth quarter, the company delivered 3,431 homes, generating $3.26 billion in home sales revenues, and reported $4.63 diluted earnings per share.
Toll Brothers provided full fiscal year 2025 guidance, projecting deliveries between 11,200 and 11,600 homes at an average price of $945,000 to $965,000. The adjusted gross margin is projected at 27.25%, with earnings of approximately $14 per diluted share, reflecting confidence in its backlog and operational strategies.
Net signed contracts in the fourth quarter increased by 30% in units and 32% in dollars, with an average price of $1,000,000. The company's backlog stood at $6.5 billion and nearly 6,000 homes at year-end, supported by a low cancellation rate of 2.5%.
The company's strategy of increasing spec home production and widening its geographies and product lines contributed to a return on beginning equity of 23.1% in fiscal 2024. Toll Brothers also repurchased $628 million of common stock and paid $93 million in dividends during the year, demonstrating a commitment to shareholder returns.
Management noted strong demand since the start of fiscal 2025, with optimism for the spring selling season, citing favorable demographics and a structural undersupply of new homes. The company plans to increase community count by 8%-10% in fiscal 2025, reaching 440-450 communities by year-end.
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