Toll Brothers reports Q1 EPS $2.25, consensus $1.78

Reports Q1 revenue $1.95B, consensus $1.86B. Backlog value was $7.08B. Douglas Yearley, chairman and chief executive officer, stated: “We are very pleased with our strong first quarter results. We delivered 1,927 homes at an average price of approximately $1.0 million, generating home sales revenues of $1.93 billion. Our adjusted gross margin in the quarter was 28.9%, a 140-basis point increase compared to Q1 2023, and our SG&A expense, as a percentage of home sales revenues, improved by 20 basis points year-over-year to 11.9%. This combination of top line growth and greater operating efficiency led to earnings of $2.25 per diluted share in the quarter, a 32% increase over last year’s first quarter.”