Toll Brothers reported Q3 FY2024 revenue of $2.73 billion, up 2% YoY, with home sales revenue increasing 2% to $2.72 billion. Net income decreased 10% to $374.6 million. The company delivered 2,814 homes, up 11% YoY, at an average price of $968,200, down 9% YoY due to a strategic expansion into more affordable homes.Net signed contracts rose 11% in both units and value to 2,490 homes and $2.41 billion, respectively. Backlog value at quarter-end was $7.07 billion, down 10% YoY. The company operated from 404 selling communities, a 17% increase YoY. Gross margin from home sales was 27.4%, down from 27.8% in Q3 FY2023.Toll Brothers maintained a strong financial position with $893.4 million in cash and $1.77 billion available under its revolving credit facility. The company controlled approximately 72,700 home sites as of July 31, 2024. Despite economic uncertainties, management cited strong demographic trends and persistent undersupply of homes as factors supporting demand for new homes.

Toll Brothers reported Q3 FY2024 revenue of $2.73 billion, up 2% YoY, with home sales revenue increasing 2% to $2.72 billion. Net income decreased 10% to $374.6 million. The company delivered 2,814 homes, up 11% YoY, at an average price of $968,200, down 9% YoY due to a strategic expansion into more affordable homes.Net signed contracts rose 11% in both units and value to 2,490 homes and $2.41 billion, respectively. Backlog value at quarter-end was $7.07 billion, down 10% YoY. The company operated from 404 selling communities, a 17% increase YoY. Gross margin from home sales was 27.4%, down from 27.8% in Q3 FY2023.Toll Brothers maintained a strong financial position with $893.4 million in cash and $1.77 billion available under its revolving credit facility. The company controlled approximately 72,700 home sites as of July 31, 2024. Despite economic uncertainties, management cited strong demographic trends and persistent undersupply of homes as factors supporting demand for new homes.