By Davit Kirakosyan
Toll Brothers (NYSE:TOL) shares were trading more than 2% lower after-hours following the company’s reported Q3 results and reduced full-year guidance announcement.
Q3 EPS came in at $2.35, better than the consensus estimate of $2.30. Revenue was $2.49 billion, compared to the consensus estimate of $2.52 billion.
“While we achieved record third-quarter revenue and earnings, and exceeded our gross margin forecast, deliveries were below our guidance due to unforeseen delays with municipal inspectors, continued labor shortages and supply chain disruptions, as well as a softer demand environment. Due to these challenges, we have lowered our full-year deliveries guidance,” said Douglas C. Yearley, Jr., chairman and CEO of Toll Brothers.
The company expects Q4 deliveries to be in the range of 3,250-3,550 units, with an average delivered price per home in the range of $935,000-$955,000.
For the full 2022 year, the company expects deliveries in the range of 10,000-10,300 units, with an average delivered price per home in the range of $915,000 - $925,000.