Summary by Moomoo AI
Toll Brothers, Inc. reported robust financial results for fiscal year 2024, with net income rising 15% to $1.57 billion on revenues of $10.85 billion. Home sales revenues increased 7% to $10.56 billion, driven by a 13% increase in homes delivered to 10,813 units. The company's gross margin from home sales remained strong at 26.6%.Net signed contracts surged 27% in both value and units to $10.07 billion and 10,231 homes, respectively. This growth was supported by an increase in selling communities to 408 at year-end. Toll Brothers maintained a solid financial position with $1.30 billion in cash and $1.77 billion available under its revolving credit facility.Looking ahead, the company remains optimistic about the luxury new home market despite economic uncertainties. CEO Douglas C. Yearley Jr. cited favorable demographic trends and a structural supply-demand imbalance as key drivers for continued demand. Toll Brothers also expanded its rental apartment business, with 21,300 units owned or controlled at fiscal year-end.