FORT WASHINGTON, Pa., Dec. 09, 2024 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. TOL (TollBrothers.com), the nation's leading builder of luxury homes, today announced results for its fourth quarter ended October 31, 2024. FY 2024 's Fourth Quarter Financial Highlights (Compared to FY 2023 ' s Fourth Quarter): Net income and earnings per share were $475.4 million and $4.63 per diluted share, compared to net income of $445.5 million and $4.11 per diluted share in FY 2023's fourth quarter. Pre-tax income was $621.1 million, compared to $605.0 million in FY 2023's fourth quarter. Home sales revenues were $3.26 billion, up 10% compared to FY 2023's fourth quarter; delivered homes were 3,431, up 25%. Net signed contract value was $2.66 billion, up 32% compared to FY 2023's fourth quarter; contracted homes were 2,658, up 30%. Backlog value was $6.47 billion at fourth quarter end, down 7% compared to FY 2023's fourth quarter; homes in backlog were 5,996, down 9%. Home sales gross margin was 26.0%, compared to FY 2023's fourth quarter home sales gross margin of 27.5%. Adjusted home sales gross margin, which excludes interest and inventory write-downs, was 27.9%, compared to FY 2023's fourth quarter adjusted home sales gross margin of 29.1%. SG&A, as a percentage of home sales revenues, was 8.3%, compared to 8.2% in FY 2023's fourth quarter. Income from operations was $611.1 million. Other income, income from unconsolidated entities, and gross margin from land sales and other was $44.5 million. The Company repurchased approximately 1.3 million shares at an average price of $150.19 per share for a total purchase price of $200.9 million. Full FY 2024 Financial Highlights (Compared to Full FY 2023 ): Net income was $1.57 billion, and earnings per share were $15.01 diluted, compared to net income of $1.37 billion and $12.36 per share diluted in FY 2023. Net income and earnings per share included $124.1 million and $1.19, respectively, related to the sale of a parcel of land to a commercial developer in our second quarter. Excluding this gain, net income and earnings per share were $1.45 billion and $13.82 per diluted share in FY 2024. Pre-tax income was $2.09 billion, compared to $1.84 billion in FY 2023. Home sales revenues were $10.56 billion, up 7% compared to FY 2023; delivered homes were 10,813, up 13%. Net signed contract value was $10.07 billion, up 27% compared to FY 2023; contracted homes were 10,231, up 27%. Home sales gross margin was 26.6%, compared to FY 2023's home sales gross margin of 26.9%. Adjusted home sales gross margin, which excludes interest and inventory write-downs, was 28.4%, compared to FY 2023's adjusted home sales gross margin of 28.7%. SG&A, as a percentage of home sales revenues, was 9.3%, compared to 9.2% in FY 2023. Income from operations was $2.04 billion. Other income, income from unconsolidated entities, and gross margin from land sales and other was $258.0 million. The Company repurchased approximately 4.9 million shares at an average price of $127.79 per share for a total purchase price of $627.9 million Douglas C. Yearley, Jr., chairman and chief executive officer, stated: "I am very pleased with our fourth quarter results, which cap the strongest year ever for Toll Brothers. For the full year, we generated a record $10.6 billion of home sales revenue, earned $15.01 per diluted share and grew contracts by 27% in both units and dollars. In the fourth quarter, we delivered 3,431 homes and generated $3.3 billion in home sales revenues, up 25% in units and 10% in dollars compared to last year's fourth quarter. Our fourth quarter adjusted gross margin was 27.9%, beating guidance by 40 basis points, and our SG&A expense was 8.3% of home sales revenues, or 30 basis points better than guidance. Our strong margin performance and better than projected home sales revenues drove earnings of $4.63 per diluted share in the quarter, up 13% compared to last year. We also signed 2,658 net contracts at an average price of $1,000,000, up 30% in units and 32% in dollars compared to last year's fourth quarter. Our performance this year and in the fourth quarter demonstrates the power of our luxury brand, the financial strength of our buyers, and the success of our strategies of increasing our spec home production and widening our geographies, price points and product lines. "Since the start of our fiscal 2025 six weeks ago we have seen strong demand, which is encouraging as we approach the beginning of the spring selling season in mid-January. We are well positioned with communities in over 60 markets across 24 states featuring the widest offering of luxury homes and serving the most affluent customers in our industry. Last year, we increased community count by 10% and are targeting a similar increase in fiscal 2025. We also owned or controlled approximately 74,700 lots at year end, providing sufficient land for further growth in fiscal 2026 and beyond. "In fiscal 2024, we generated a return on beginning equity of 23.1%, driven by our record earnings and strong cash flows that allowed us to return approximately $720 million of capital to shareholders. Our healthy balance sheet, low leverage, and ample liquidity, including significant projected cash flows from operations in fiscal 2025, should allow us to continue investing in our business while returning cash to shareholders well into the future." First Quarter and FY 2025 Financial Guidance: First Quarter Full Fiscal Year Deliveries 1,900 - 2,100 units 11,200 - 11,600 units Average Delivered Price per Home $925,000 - $945,000 $945,000 - $965,000 Adjusted Home Sales Gross Margin 26.25 % 27.25 % SG&A, as a Percentage of Home Sales Revenues 12.7 % 9.4% - 9.5 % Period-End Community Count 410 440 - 450 Other Income, Income from Unconsolidated Entities, and Gross Margin from Land Sales and Other $33 million $110 million Tax Rate 22.0 % 25.5 % Financial Highlights for the three months ended October 31, 2024 and 2023 (unaudited): 2024 2023 Net Income $475.4 million, or $4.63 per share diluted $445.5 million, or $4.11 per share diluted Pre-Tax Income $621.1 million $605.0 million Pre-Tax Inventory Impairments included in Home Sales Costs of Revenues $24.1 million $8.3 million Home Sales Revenues $3.26 billion and 3,431 units $2.95 billion and 2,755 units Net Signed Contracts $2.66 billion and 2,658 units $2.01 billion and 2,038 units Net Signed Contracts per Community 6.5 units 5.7 units Quarter-End Backlog $6.47 billion and 5,996 units $6.95 billion and 6,578 units Average Price per Home in Backlog $1,078,700 $1,055,800 Home Sales Gross Margin 26.0 % 27.5 % Adjusted Home Sales Gross Margin 27.9 % 29.1 % Interest Included in Home Sales Cost of Revenues, as a percentage of Home Sales Revenues 1.2 % 1.4 % SG&A, as a percentage of Home Sales Revenues 8.3 % 8.2 % Income from Operations $611.1 million, or 18.3% of total revenues $558.6 million, or 18.5% of total revenues Other Income, Income from Unconsolidated Entities, and Gross Margin from Land Sales and Other $44.5 million $36.0 million Pre-Tax Land and Other Impairments included in Land Sales and Other Costs of Revenues $— million $12.9 million Quarterly Cancellations as a Percentage of Beginning-Quarter Backlog 2.5 % 3.4 % Quarterly Cancellations as a Percentage of Signed Contracts in Quarter 5.9 % 10.8 % Financial Highlights for the twelve months ended October 31, 2024 and 2023 (unaudited): 2024 2023 Net Income $1.57 billion, or $15.01 per share diluted $1.37 billion, or $12.36 per share diluted Pre-Tax Income $2.09 billion $1.84 billion Pre-Tax Inventory Impairments included in Home Sales Costs of Revenues $59.4 million $30.7 million Home Sales Revenues $10.56 billion and 10,813 units $9.87 billion and 9,597 units Net Signed Contracts $10.07 billion and 10,231 units $7.91 billion and 8,077 units Home Sales Gross Margin 26.6 % 26.9 % Adjusted Home Sales Gross Margin 28.4 % 28.7 % Interest Included in Home Sales Cost of Revenues, as a percentage of Home Sales Revenues 1.2 % 1.4 % SG&A, as a percentage of Home Sales Revenues 9.3 % 9.2 % Income from Operations $2.04 billion, or 18.8% of total revenues $1.72 billion, or 17.3% of total revenues Other Income, Income from Unconsolidated Entities, and Gross Margin from Land Sales and Other $258.0 million $93.1 million Pre-Tax Land and Other Impairments included in Land Sales and Other Costs of Revenues $4.4 million $30.6 million Additional Information: The Company ended its FY 2024 fourth quarter with $1.30 billion in cash and cash equivalents, compared to $1.30 billion at FYE 2023 and $893.4 million at FY 2024's third quarter end. At FY 2024 fourth quarter end, the Company also had $1.77 billion available under its $1.96 billion revolving credit facility, which is scheduled to mature in February 2028 . On October 25, 2024, the Company paid its quarterly dividend of $0.23 per share to shareholders of record at the close of business on October 11, 2024. Stockholders' equity at FY 2024 fourth quarter end was $7.67 billion, compared to $6.80 billion at FYE 2023. FY 2024's fourth quarter-end book value per share was $76.87 per share, compared to $65.49 at FYE 2023. The Company ended its FY 2024's fourth quarter with a debt-to-capital ratio of 27.0%, compared to 27.6% at FY 2024's third quarter end and 29.6% at FYE 2023. The Company ended FY 2024's fourth quarter with a net debt-to-capital ratio (1) of 15.3%, compared to 19.6% at FY 2024's third quarter end, and 17.7% at FYE 2023. The Company ended FY 2024's fourth quarter with approximately 74,700 lots owned and optioned, compared to 72,700 one quarter earlier, and 70,700 one year earlier. Approximately 45% or 34,000, of these lots were owned, of which approximately 19,400 lots, including those in backlog, were substantially improved. In the fourth quarter of FY 2024, the Company spent approximately $258.6 million on land to purchase approximately 1,910 lots. The Company ended FY 2024's fourth quarter with 408 selling communities, compared to 404 at FY 2024's third quarter end and 370 at FY 2023's fourth quarter end. (1) See "Reconciliation of Non-GAAP Measures" below for more information on the calculation of the Company's net debt-to-capital ratio. Toll Brothers will be broadcasting live via the Investor Relations section of its website, investors.TollBrothers.com, a conference call hosted by chairman and chief executive officer Douglas C. Yearley, Jr. at 8:30 a.m. (ET) Tuesday, December 10, 2024, to discuss these results and its outlook for the first quarter and FY 2025. To access the call, enter the Toll Brothers website, click on the Investor Relations page, and select "Events & Presentations." Participants are encouraged to log on at least fifteen minutes prior to the start of the presentation to register and download any necessary software. The call can be heard live with an online replay which will follow. ABOUT TOLL BROTHERS Toll Brothers, Inc., a Fortune 500 Company, is the nation's leading builder of luxury homes. The Company was founded 57 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol "TOL." The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Indiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, insurance, smart home technology, and landscape subsidiaries. The Company also develops master-planned and golf course communities as well as operates its own lumber distribution, house component assembly, and manufacturing operations. In 2024, Toll Brothers marked 10 years in a row being named to the Fortune World's Most Admired CompaniesTM list and the Company's Chairman and CEO Douglas C. Yearley, Jr. was named one of 25 Top CEOs by Barron's magazine. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit TollBrothers.com. Toll Brothers discloses information about its business and financial performance and other matters, and provides links to its securities filings, notices of investor events, and earnings and other news releases, on the Investor Relations section of its website (investors.TollBrothers.com). From Fortune, ©2024 Fortune Media IP Limited. All rights reserved. Used under license. FORWARD-LOOKING STATEMENTS Information presented herein for the fourth quarter ended October 31, 2024 is subject to finalization of the Company's regulatory filings, related financial and accounting reporting procedures and external auditor procedures. This release contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these statements by the fact that they do not relate to matters of a strictly historical or factual nature and generally discuss or relate to future events. These statements contain words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "may," "can," "could," "might," "should," "likely," "will," and other words or phrases of similar meaning. Such statements may include, but are not limited to, information and statements regarding: expectations regarding inflation and interest rates; the markets in which we operate or may operate; our strategic priorities; our land acquisition, land development and capital allocation priorities; market conditions; demand for our homes; our build-to-order and spec home strategy; anticipated operating results and guidance; home deliveries; financial resources and condition; changes in revenues; changes in profitability; changes in margins; changes in accounting treatment; cost of revenues, including expected labor and material costs; selling, general, and administrative expenses; interest expense; inventory write-downs; home warranty and construction defect claims; unrecognized tax benefits; anticipated tax refunds; sales paces and prices; effects of home buyer cancellations; growth and expansion; joint ventures in which we are involved; anticipated results from our investments in unconsolidated entities; our ability to acquire or dispose of land and pursue real estate opportunities; our ability to gain approvals and open new communities; our ability to market, construct and sell homes and properties; our ability to deliver homes from backlog; our ability to secure materials and subcontractors; our ability to produce the liquidity and capital necessary to conduct normal business operations or to expand and take advantage of opportunities; and the outcome of legal proceedings, investigations, and claims. Any or all of the forward-looking statements included in this release are not guarantees of future performance and may turn out to be inaccurate. This can occur as a result of incorrect assumptions or as a consequence of known or unknown risks and uncertainties. The major risks and uncertainties – and assumptions that are made – that affect our business and may cause actual results to differ from these forward-looking statements include, but are not limited to: the effect of general economic conditions, including employment rates, housing starts, inflation rates, interest and mortgage rates, availability of financing for home mortgages and strength of the U.S. dollar; market demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions; the availability of desirable and reasonably priced land and our ability to control, purchase, hold and develop such land; access to adequate capital on acceptable terms; geographic concentration of our operations; levels of competition; the price and availability of lumber, other raw materials, home components and labor; the effect of U.S. trade policies, including the imposition of tariffs and duties on home building products and retaliatory measures taken by other countries; the effects of weather and the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters, and the risk of delays, reduced consumer demand, unavailability of insurance, and shortages and price increases in labor or materials associated with such natural disasters; risks arising from acts of war, terrorism or outbreaks of contagious diseases, such as Covid-19; federal and state tax policies; transportation costs; the effect of land use, environment and other governmental laws and regulations; legal proceedings or disputes and the adequacy of reserves; risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, indebtedness, financial condition, losses and future prospects; the effect of potential loss of key management personnel; changes in accounting principles; risks related to unauthorized access to our computer systems, theft of our and our homebuyers' confidential information or other forms of cyber-attack; and other factors described in "Risk Factors" included in our Annual Report on Form 10-K for the year ended October 31, 2023 and in subsequent filings we make with the Securities and Exchange Commission ("SEC"). Many of the factors mentioned above or in other reports or public statements made by us will be important in determining our future performance. Consequently, actual results may differ materially from those that might be anticipated from our forward-looking statements. Forward-looking statements speak only as of the date they are made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. For a further discussion of factors that we believe could cause actual results to differ materially from expected and historical results, see the information under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report on Form 10-K filed with the SEC and in subsequent reports filed with the SEC. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995, and all of our forward-looking statements are expressly qualified in their entirety by the cautionary statements contained or referenced in this section. TOLL BROTHERS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands) October 31, 2024 October 31, 2023 (Unaudited) ASSETS Cash and cash equivalents $ 1,303,039 $ 1,300,068 Inventory 9,712,925 9,057,578 Property, construction and office equipment - net 453,007 323,990 Receivables, prepaid expenses and other assets 590,611 691,256 Mortgage loans held for sale 191,242 110,555 Customer deposits held in escrow 109,691 84,530 Investments in unconsolidated entities 1,007,417 959,041 $ 13,367,932 $ 12,527,018 LIABILITIES AND EQUITY Liabilities: Loans payable $ 1,085,817 $ 1,164,224 Senior notes 1,597,102 1,596,185 Mortgage company loan facility 150,000 100,058 Customer deposits 488,690 540,718 Accounts payable 492,213 597,582 Accrued expenses 1,752,848 1,548,781 Income taxes payable 114,547 166,268 Total liabilities 5,681,217 5,713,816 Equity: Stockholders' Equity Common stock, 112,937 shares issued at October 31, 2024 and October 31, 2023 1,129 1,129 Additional paid-in capital 694,713 698,548 Retained earnings 8,153,356 6,675,719 Treasury stock, at cost — 13,149 and 9,146 shares at October 31, 2024 and October 31, 2023, respectively (1,209,547 ) (619,150 ) Accumulated other comprehensive income 31,277 40,910 Total stockholders' equity 7,670,928 6,797,156 Noncontrolling interest 15,787 16,046 Total equity 7,686,715 6,813,202 $ 13,367,932 $ 12,527,018 TOLL BROTHERS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except per share data and percentages) (Unaudited) Three Months Ended October 31, Twelve Months Ended October 31, 2024 2023 2024 2023 $ % $ % $ % $ % Revenues: Home sales $ 3,260,004 $ 2,951,904 $ 10,563,332 $ 9,866,026 Land sales and other 73,458 68,243 283,408 128,911 3,333,462 3,020,147 10,846,740 9,994,937 Cost of revenues: Home sales 2,413,680 74.0 % 2,141,529 72.5 % 7,753,351 73.4 % 7,207,279 73.1 % Land sales and other 38,993 53.1 % 78,594 115.2 % 70,911 25.0 % 153,457 119.0 % 2,452,673 2,220,123 7,824,262 7,360,736 Gross margin - home sales 846,324 26.0 % 810,375 27.5 % 2,809,981 26.6 % 2,658,747 26.9 % Gross margin - land sales and other 34,465 46.9 % (10,351 ) (15.2 )% 212,497 75.0 % (24,546 ) (19.0 )% Selling, general and administrative expenses 269,734 8.3 % 241,408 8.2 % 982,291 9.3 % 909,446 9.2 % Income from operations 611,055 558,616 2,040,187 1,724,755 Other: (Loss) income from unconsolidated entities (10,044 ) 29,285 (23,843 ) 50,098 Other income - net 20,062 17,065 69,296 67,518 Income before income taxes 621,073 604,966 2,085,640 1,842,371 Income tax provision 145,664 159,430 514,445 470,300 Net income $ 475,409 $ 445,536 $ 1,571,195 $ 1,372,071 Per share: Basic earnings $ 4.67 $ 4.15 $ 15.16 $ 12.47 Diluted earnings $ 4.63 $ 4.11 $ 15.01 $ 12.36 Cash dividend declared $ 0.23 $ 0.21 $ 0.90 $ 0.83 Weighted-average number of shares: Basic 101,716 107,465 103,653 110,020 Diluted 102,676 108,388 104,690 111,008 Effective tax rate 23.5 % 26.4 % 24.7 % 25.5 % TOLL BROTHERS, INC. AND SUBSIDIARIES SUPPLEMENTAL DATA (Amounts in thousands) (unaudited) Three Months Ended October 31, Twelve Months Ended October 31, 2024 2023 2024 2023 Inventory impairments and write-offs included in home sales cost of revenues: Pre-development costs and option write offs $ 2,158 $ 1,369 $ 6,676 $ 10,712 Land owned for future communities — 799 — 1,493 Land owned for operating communities 21,925 6,101 52,765 18,501 $ 24,083 $ 8,269 $ 59,441 $ 30,706 Land and other impairments included in land sales and other cost of revenues $ — $ 12,860 $ 4,400 $ 30,560 Joint venture impairments included in (loss) income from unconsolidated entities $ 6,600 $ — $ 6,600 $ — Depreciation and amortization $ 25,773 $ 22,224 $ 81,201 $ 76,473 Interest incurred $ 23,724 $ 27,907 $ 108,269 $ 122,288 Interest expense: Charged to home sales cost of revenues $ 37,841 $ 39,768 $ 128,962 $ 139,410 Charged to land sales and other cost of revenues 1,321 4,701 3,142 10,787 $ 39,162 $ 44,469 $ 132,104 $ 150,197 Home sites controlled: October 31, 2024 October 31, 2023 Owned 33,964 35,916 Optioned 40,755 34,748 74,719 70,664 Inventory at October 31, 2024 and October 31, 2023 consisted of the following (amounts in thousands): October 31, 2024 October 31, 2023 Land deposits and costs of future communities $ 620,040 $ 549,035 Land and land development costs 2,532,221 2,631,147 Land and land development costs associated with homes under construction 3,617,266 2,916,334 Total land and land development costs 6,769,527 6,096,516 Homes under construction 2,458,541 2,515,484 Model homes (1) 484,857 445,578 $ 9,712,925 $ 9,057,578 (1) Includes the allocated land and land development costs associated with each of our model homes in operation. Toll Brothers operates in the following five geographic segments, with operations generally located in the states listed below: North: Connecticut, Delaware, Illinois, Massachusetts, Michigan, New Jersey, New York and Pennsylvania Mid-Atlantic: Georgia, Maryland, North Carolina, Tennessee and Virginia South: Florida, South Carolina and Texas Mountain: Arizona, Colorado, Idaho, Nevada and Utah Pacific: California, Oregon and Washington Three Months Ended October 31, Units $ (Millions) Average Price Per Unit $ 2024 2023 2024 2023 2024 2023 REVENUES North 498 422 $ 501.3 $ 412.3 $ 1,006,600 $ 977,000 Mid-Atlantic 495 380 446.0 388.2 $ 901,100 $ 1,021,500 South 947 717 819.9 659.9 $ 865,800 $ 920,400 Mountain 1,039 807 863.5 780.3 $ 831,100 $ 966,900 Pacific 452 429 629.1 710.3 $ 1,391,700 $ 1,655,700 Home Building 3,431 2,755 3,259.8 2,951.0 $ 950,100 $ 1,071,100 Corporate and other 0.2 0.9 Total home sales 3,431 2,755 3,260.0 2,951.9 $ 950,200 $ 1,071,500 Land sales and other 73.5 68.2 Total Consolidated $ 3,333.5 $ 3,020.1 CONTRACTS North 355 343 $ 371.2 $ 325.0 $ 1,045,600 $ 947,400 Mid-Atlantic 377 286 364.1 279.5 $ 965,700 $ 977,500 South 777 590 654.5 505.0 $ 842,400 $ 856,000 Mountain 796 517 683.5 438.7 $ 858,700 $ 848,600 Pacific 353 302 586.0 466.5 $ 1,660,100 $ 1,544,700 Total Consolidated 2,658 2,038 $ 2,659.3 $ 2,014.7 $ 1,000,500 $ 988,600 BACKLOG North 855 956 $ 937.5 $ 964.1 $ 1,096,500 $ 1,008,500 Mid-Atlantic 786 945 824.8 953.0 $ 1,049,400 $ 1,008,400 South 2,003 2,312 1,807.5 2,093.4 $ 902,400 $ 905,500 Mountain 1,595 1,577 1,645.5 1,577.7 $ 1,031,700 $ 1,000,500 Pacific 757 788 1,252.5 1,357.1 $ 1,654,600 $ 1,722,200 Total Consolidated 5,996 6,578 $ 6,467.8 $ 6,945.3 $ 1,078,700 $ 1,055,800 Twelve Months Ended October 31, Units $ (Millions) Average Price Per Unit $ 2024 2023 2024 2023 2024 2023 REVENUES North 1,522 1,577 $ 1,484.3 $ 1,494.1 $ 975,200 $ 947,400 Mid-Atlantic 1,512 1,067 1,422.0 1,175.3 $ 940,500 $ 1,101,500 South 3,316 2,597 2,787.4 2,204.8 $ 840,600 $ 849,000 Mountain 2,984 2,897 2,590.4 2,660.7 $ 868,100 $ 918,400 Pacific 1,479 1,459 2,279.1 2,329.4 $ 1,541,000 $ 1,596,600 Home Building 10,813 9,597 10,563.2 9,864.3 $ 976,900 $ 1,027,900 Corporate and other 0.1 1.7 Total home sales 10,813 9,597 10,563.3 9,866.0 $ 976,900 $ 1,028,000 Land sales and other 283.4 128.9 Total Consolidated $ 10,846.7 $ 9,994.9 CONTRACTS North 1,421 1,411 $ 1,456.8 $ 1,336.9 $ 1,025,200 $ 947,500 Mid-Atlantic 1,353 1,170 1,292.0 1,165.5 $ 954,900 $ 996,200 South 3,007 2,386 2,498.2 1,938.3 $ 830,800 $ 812,400 Mountain 3,002 1,950 2,655.0 1,633.1 $ 884,400 $ 837,500 Pacific 1,448 1,160 2,170.6 1,834.0 $ 1,499,000 $ 1,581,000 Total Consolidated 10,231 8,077 $ 10,072.6 $ 7,907.8 $ 984,500 $ 979,100 Note: Due to rounding, amounts may not add. Unconsolidated entities: Information related to revenues and contracts of entities in which we have an interest for the three-month and twelve-month periods ended October 31, 2024 and 2023, and for backlog at October 31, 2024 and 2023 is as follows: Units $ (Millions) Average Price Per Unit $ 2024 2023 2024 2023 2024 2023 Three months ended October 31, Revenues 62 1 $ 71.0 $ 7.3 $ 1,145,700 $ 6,413,200 Contracts 20 14 $ 27.5 $ 12.8 $ 1,372,700 $ 916,500 Twelve months ended October 31, Revenues 238 9 $ 267.6 $ 38.9 $ 1,124,400 $ 4,316,800 Contracts 101 77 $ 125.0 $ 101.3 $ 1,237,800 $ 1,316,000 Backlog at October 31, 12 149 $ 17.4 $ 160.0 $ 1,448,800 $ 1,073,600 RECONCILIATION OF NON-GAAP MEASURES This press release contains, and Company management's discussion of the results presented in this press release may include, information about the Company's adjusted home sales gross margin, adjusted net income, adjusted diluted earnings per share and the Company's net debt-to-capital ratio. These four measures are non-GAAP financial measures which are not calculated in accordance with generally accepted accounting principles ("GAAP"). These non-GAAP financial measures should not be considered a substitute for, or superior to, the comparable GAAP financial measures, and may be different from non-GAAP measures used by other companies in the home building business. The Company's management considers these non-GAAP financial measures as we make operating and strategic decisions and evaluate our performance, including against other home builders that may use similar non-GAAP financial measures. The Company's management believes these non-GAAP financial measures are useful to investors in understanding our operations and leverage and may be helpful in comparing the Company to other home builders to the extent they provide similar information. Adjusted Home Sales Gross Margin The following table reconciles the Company's home sales gross margin as a percentage of home sales revenues (calculated in accordance with GAAP) to the Company's adjusted home sales gross margin (a non-GAAP financial measure). Adjusted home sales gross margin is calculated as (i) home sales gross margin plus interest recognized in home sales cost of revenues plus inventory write-downs recognized in home sales cost of revenues divided by (ii) home sales revenues. Adjusted Home Sales Gross Margin Reconciliation (Amounts in thousands, except percentages) Three Months Ended October 31, Twelve Months Ended October 31, 2024 2023 2024 2023 Revenues - home sales $ 3,260,004 $ 2,951,904 $ 10,563,332 $ 9,866,026 Cost of revenues - home sales 2,413,680 2,141,529 7,753,351 7,207,279 Home sales gross margin 846,324 810,375 2,809,981 2,658,747 Add: Interest recognized in cost of revenues - home sales 37,841 39,768 128,962 139,410 Inventory impairments and write-offs in cost of revenues - home sales 24,083 8,269 59,441 30,706 Adjusted home sales gross margin $ 908,248 $ 858,412 $ 2,998,384 $ 2,828,863 Home sales gross margin as a percentage of home sale revenues 26.0 % 27.5 % 26.6 % 26.9 % Adjusted home sales gross margin as a percentage of home sale revenues 27.9 % 29.1 % 28.4 % 28.7 % The Company's management believes adjusted home sales gross margin is a useful financial measure to investors because it allows them to evaluate the performance of our home building operations without the often varying effects of capitalized interest costs and inventory impairments. The use of adjusted home sales gross margin also assists the Company's management in assessing the profitability of our home building operations and making strategic decisions regarding community location and product mix. Forward-looking Adjusted Home Sales Gross Margin The Company has not provided projected first quarter and full FY 2025 home sales gross margin or a GAAP reconciliation for forward-looking adjusted home sales gross margin because such measure cannot be provided without unreasonable efforts on a forward-looking basis, since inventory write-downs are based on future activity and observation and therefore cannot be projected for the first quarter and full FY 2025. The variability of these charges may have a potentially unpredictable, and potentially significant, impact on our first quarter and full FY 2025 home sales gross margin. Adjusted Net Income and Diluted Earnings Per Share Reconciliation The following table reconciles the Company's net income and earnings per share (calculated in accordance with GAAP) to the Company's adjusted net income and diluted earnings per share (a non-GAAP financial measure). Adjusted Net Income and Diluted Per Share Reconciliation (Amounts in thousands, except per share data) Three Months Ended October 31, Twelve Months Ended October 31, 2024 2023 2024 2023 Net income $ 475,409 $ 445,536 $ 1,571,195 $ 1,372,071 Subtract: Net income resulting from the sale of a parcel of land to a commercial developer — — (124,119 ) — Adjusted net income $ 475,409 $ 445,536 $ 1,447,076 $ 1,372,071 Diluted earnings per share $ 4.63 $ 4.11 $ 15.01 $ 12.36 Subtract: Diluted earnings per share resulting from the sale of a parcel of land to a commercial developer — — (1.19 ) — Adjusted diluted earnings per share $ 4.63 $ 4.11 $ 13.82 $ 12.36 Net Debt-to-Capital Ratio The following table reconciles the Company's ratio of debt to capital (calculated in accordance with GAAP) to the Company's net debt-to-capital ratio (a non-GAAP financial measure). The net debt-to-capital ratio is calculated as (i) total debt minus mortgage warehouse loans minus cash and cash equivalents divided by (ii) total debt minus mortgage warehouse loans minus cash and cash equivalents plus stockholders' equity. Net Debt-to-Capital Ratio Reconciliation (Amounts in thousands, except percentages) October 31, 2024 July 31, 2024 October 31, 2023 Loans payable $ 1,085,817 $ 1,099,787 $ 1,164,224 Senior notes 1,597,102 1,596,873 1,596,185 Mortgage company loan facility 150,000 125,417 100,058 Total debt 2,832,919 2,822,077 2,860,467 Total stockholders' equity 7,670,928 7,414,864 6,797,156 Total capital $ 10,503,847 $ 10,236,941 $ 9,657,623 Ratio of debt-to-capital 27.0 % 27.6 % 29.6 % Total debt $ 2,832,919 $ 2,822,077 $ 2,860,467 Less: Mortgage company loan facility (150,000 ) (125,417 ) (100,058 ) Cash and cash equivalents (1,303,039 ) (893,422 ) (1,300,068 ) Total net debt 1,379,880 1,803,238 1,460,341 Total stockholders' equity 7,670,928 7,414,864 6,797,156 Total net capital $ 9,050,808 $ 9,218,102 $ 8,257,497 Net debt-to-capital ratio 15.2 % 19.6 % 17.7 % The Company's management uses the net debt-to-capital ratio as an indicator of its overall leverage and believes it is a useful financial measure to investors in understanding the leverage employed in the Company's operations. CONTACT: Gregg Ziegler (215) 478-3820 gziegler@tollbrothers.com A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3a0456db-a1d7-41b3-b790-3e0a1448ad2b © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Rafael Perez: Americans really need to relax and stop taking national politics so seriously
Trump’s lawyers rebuff DA’s idea for upholding his hush money conviction, calling it ‘absurd’ARLINGTON, Texas (AP) — The roof at the home of the Dallas Cowboys opened without incident and will stay that way for a Monday night meeting with the Cincinnati Bengals. It was to be the first game with the roof open at AT&T Stadium since Oct. 30, 2022, a 49-29 Dallas victory over Chicago. The roof was supposed to be open three weeks ago for Houston's 34-10 victory on another Monday night, but a large piece of metal and other debris fell roughly 300 feet to the field as the retractable roof was opening about three hours before kickoff. The Cowboys decided to close the roof after the incident, and it remained that way for the game. There were no injuries, and the start of the game wasn't delayed. The club said at the time it would investigate the cause with a plan to reopen the roof when it was deemed safe. Wind was cited as a cause for the falling debris. There were gusts of at least 30 mph in the afternoon before the meeting with the Texans. It was sunny with a high in the 70s Monday in the Dallas area, and winds were in the 10 mph range. AP NFL: https://apnews.com/hub/NFL
HENDERSON, Nev. (AP) — Aidan O'Connell might not be Mr. Right for the Raiders, but he is Mr. Right Now. Read this article for free: Already have an account? To continue reading, please subscribe: * HENDERSON, Nev. (AP) — Aidan O'Connell might not be Mr. Right for the Raiders, but he is Mr. Right Now. Read unlimited articles for free today: Already have an account? HENDERSON, Nev. (AP) — Aidan O’Connell might not be Mr. Right for the Raiders, but he is Mr. Right Now. He did enough in Friday’s 19-17 loss at Kansas City to show that Las Vegas’ quarterback job will be his for the rest of the season — barring, that is, another injury. O’Connell didn’t look like a quarterback who hadn’t played in nearly six weeks because of a broken thumb. Plus, the Raiders had a short week to prepare for the Chiefs, meaning O’Connell only went through a series of walk-through practices. Even so, he completed 23 of 35 passes for 340 yards, including touchdown passes of 33 yards to tight end Brock Bowers and 58 yards to wide receiver Tre Tucker. He didn’t throw any interceptions. “Thought he competed,” coach Antonio Pierce said Saturday morning. “I thought for what we knew we were getting with Spags (Kansas City defensive coordinator Steve Spagnuolo) and that defense, that he stood in the pocket, made some tough throws, took some hits, took the shots down the field like we wanted. We had some opportunities to take shots down the field, he threw them. And I thought our skill guys did a hell of a job competing and making some really good plays for us.” O’Connell’s performance would’ve shined even more if not for the Raiders’ final offensive play. He led the Raiders from their 8-yard line to the Chiefs 32 with 15 seconds left. The plan was for O’Connell to take the snap and throw the ball away to run off a few more seconds, then send Daniel Carlson out for the potential winning field goal without giving Patrick Mahomes enough time to mount one of his signature comebacks. But rookie center Jackson Powers-Johnson snapped the ball before O’Connell was expecting it, and the Chiefs recovered to secure another close, last-minute victory. The Raiders were called for illegal shift, which Kansas City declined. But there was some question about whether officials intended to call a false start instead. Though that infraction would have cost Las Vegas 5 yards, the pre-snap penalty still would’ve given Carlson a shot at the field goal. Pierce said his team heard an official’s whistle before the snap, and that will be included in the Raiders’ report to the NFL. “We do that every game,” Pierce said. “Typically, anywhere from three to five questions, and then we’ll get a letter within 24 to 36 hours, and we’ll read it and learn from it.” What’s working Bowers had another sensational game. He was targeted 14 times, catching 10 passes for 140 yards. For the season, he has 84 receptions for 884 yards and four TDs, making him a strong contender for Offensive Rookie of the Year. “We’re seeing double-teams and them really shifting their zone to him, and I don’t really think it matters,” Pierce said. “I think we’ve got a really special player on our hand.” What needs help The Raiders need to do better on first and second downs to set up more favorable third-down conversions. They have faced 47 third downs from 7 to 10 yards, tied with the Dallas Cowboys for fifth most. Las Vegas’ conversion rate on those plays is 36.2%, which actually is favorable compared to the rest of the league, but the Raiders are still creating too many of those situations. Stock up Las Vegas made life difficult for Mahomes, sacking him five times. And it wasn’t just Maxx Crosby bringing the heat. Four players had at least one-half sack, including K’Lavon Chaisson, who had 1 1/2. It was a season-high total for the Raiders, and they have taken down the opposing quarterback in 30 consecutive games, the third-longest active streak. Stock down Carlson is usually money, but he missed field goals from 56, 55 and 58 yards. Hardly chip shots, but he is capable of converting from those distances. He had made 30 of 38 field goals from 50-plus yards entering the game, with a career long of 57 yards. Injuries WR DJ Turner injured his knee in the second half. Key number Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. 12 — The Raiders are one of three teams to fall behind double digits in each of their first 12 games of a season. The others were the 1986 Indianapolis Colts and 1972 New England Patriots. Next steps The Raiders visit Tampa Bay on Dec. 8. ___ AP NFL: https://apnews.com/hub/nfl Advertisement AdvertisementConte’s last public act as Spurs head coach after a 3-3 draw at St Mary’s in 2023 was to launch a furious tirade against his own “selfish” players who he claimed “don’t want to play under pressure” before he seemed to turn on the board as he questioned the club’s ongoing trophy drought. Eight days later Conte had left Tottenham by mutual consent after a whirlwind 16-month period, with Postecoglou his eventual permanent successor. Postecoglou has been in charge of the Premier League club for two months longer than the Italian, but managed 12 fewer matches and is currently in the middle of an injury crisis which has resulted in a drop in form, with Spurs only able to claim one victory from their last eight fixtures. However, when Postecoglou was asked if he would jump ship in the wake of making remarks like Conte did in March, 2023, he said: “Look, I don’t think it’s fair to comment. “Antonio is a world-class manager and has his own way of doing things, his own reasons for doing that. “I am here, I am in for the fight. I am in a fight, for sure. For better or worse I am not going anywhere at the moment because everything is still in my power and my responsibility. “I still have a real desire to get us through this stage so that people see what is on the other side. My resolve and determination hasn’t wavered one little bit. “I love a fight, I love a scrap, I love being in the middle of a storm when everyone doubts because I know what it is on the other side if you get through it. My job is to get through it.” Postecoglou was Celtic boss when Conte’s extraordinary 10-minute press conference made waves around the world, but acknowledged being aware of his predecessors’ comments and attempted to explain the psyche behind why a manager would make such a move. “I was on Planet Earth at that time, and yes I was well aware of it,” Postecoglou smiled. “I think you know when a manager gets to that point that there’s obviously some underlying issues. “I think most of the time when managers do that they’re trying to get a reaction, trying to get some sort of impact on the team. “In difficult moments, what you want from your leaders is action rather than inaction of just letting things drift along. He did it to try and get a positive impact on the group, one way or another. We’ve all been in that situation as a manager where you feel this is time to send a message.” Postecoglou sent out his own message on Thursday after a 1-1 draw away to Rangers when he insisted Timo Werner’s display “wasn’t acceptable” at Ibrox. Werner was replaced at half-time following an error-strewn performance, but was not alone in being below-par in Glasgow. A day later Postecoglou explained how with Spurs missing several key first-teamers, the onus is on their fit senior players to deliver a level of application and commitment – and admitted Werner will be required at St Mary’s on Sunday. “I’ve got no choice. Who else am I going to play? I’m pulling kids out of school, I literally am,” Postecoglou mentioned in reference to 16-year-old duo Malachi Hardy and Luca Williams-Barnett, who have recently made the bench. “That was the reasoning for me pointing it out last night. We need Timo. We need all of them. “In normal times if you have a poor game, there’s a price to pay. It doesn’t exist right now. We need everybody we’ve got.”
Principal Financial Group Inc. Sells 10,407,700 Shares of Healthcare Realty Trust Incorporated (NYSE:HR)JPMorgan Chase & Co. decreased its stake in Kenvue Inc. ( NYSE:KVUE – Free Report ) by 54.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 29,452,952 shares of the company’s stock after selling 35,141,362 shares during the quarter. JPMorgan Chase & Co.’s holdings in Kenvue were worth $681,247,000 at the end of the most recent reporting period. Other institutional investors and hedge funds have also recently made changes to their positions in the company. Huntington National Bank lifted its stake in Kenvue by 26.5% during the third quarter. Huntington National Bank now owns 4,161 shares of the company’s stock worth $96,000 after purchasing an additional 871 shares during the last quarter. ING Groep NV raised its holdings in shares of Kenvue by 23.6% during the 3rd quarter. ING Groep NV now owns 3,576,616 shares of the company’s stock valued at $82,727,000 after buying an additional 681,954 shares in the last quarter. Kennon Green & Company LLC lifted its position in Kenvue by 140.7% in the 2nd quarter. Kennon Green & Company LLC now owns 159,106 shares of the company’s stock worth $2,893,000 after buying an additional 93,008 shares during the last quarter. Crestwood Advisors Group LLC boosted its stake in Kenvue by 14.8% in the second quarter. Crestwood Advisors Group LLC now owns 1,537,348 shares of the company’s stock worth $27,950,000 after buying an additional 198,607 shares in the last quarter. Finally, Saturna Capital Corp grew its position in Kenvue by 29.9% during the third quarter. Saturna Capital Corp now owns 1,334,860 shares of the company’s stock valued at $30,875,000 after acquiring an additional 307,039 shares during the last quarter. Hedge funds and other institutional investors own 97.64% of the company’s stock. Wall Street Analysts Forecast Growth KVUE has been the topic of several recent research reports. Bank of America increased their target price on shares of Kenvue from $24.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. lifted their price objective on Kenvue from $24.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Piper Sandler increased their target price on Kenvue from $20.00 to $21.00 and gave the company a “neutral” rating in a report on Monday, September 23rd. Royal Bank of Canada raised Kenvue from a “hold” rating to a “moderate buy” rating in a research note on Monday, December 9th. Finally, Deutsche Bank Aktiengesellschaft lowered Kenvue from a “buy” rating to a “hold” rating and dropped their price objective for the company from $25.00 to $24.00 in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $22.64. Kenvue Stock Performance Shares of KVUE stock opened at $21.53 on Friday. The company’s fifty day moving average price is $22.96 and its 200-day moving average price is $21.38. The stock has a market cap of $41.28 billion, a PE ratio of 39.15, a price-to-earnings-growth ratio of 2.02 and a beta of 1.36. The company has a current ratio of 1.00, a quick ratio of 0.69 and a debt-to-equity ratio of 0.66. Kenvue Inc. has a 12 month low of $17.67 and a 12 month high of $24.46. Kenvue ( NYSE:KVUE – Get Free Report ) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01. Kenvue had a return on equity of 21.43% and a net margin of 6.88%. The business had revenue of $3.90 billion during the quarter, compared to analysts’ expectations of $3.92 billion. During the same quarter in the previous year, the business earned $0.31 earnings per share. The firm’s quarterly revenue was down .4% compared to the same quarter last year. On average, equities analysts expect that Kenvue Inc. will post 1.07 EPS for the current fiscal year. Kenvue Announces Dividend The company also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th were issued a $0.205 dividend. The ex-dividend date of this dividend was Wednesday, November 13th. This represents a $0.82 annualized dividend and a yield of 3.81%. Kenvue’s dividend payout ratio (DPR) is presently 149.09%. Kenvue Company Profile ( Free Report ) Kenvue Inc operates as a consumer health company worldwide. The company operates through three segments: Self Care, Skin Health and Beauty, and Essential Health. The Self Care segment offers cough, cold and allergy, pain care, digestive health, smoking cessation, eye care, and other products under the Tylenol, Motrin, Benadryl, Nicorette, Zarbee's, ORSLTM, Rhinocort, Calpol, and Zyrtec brands. Featured Articles Want to see what other hedge funds are holding KVUE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kenvue Inc. ( NYSE:KVUE – Free Report ). Receive News & Ratings for Kenvue Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kenvue and related companies with MarketBeat.com's FREE daily email newsletter .
2024 Drivers' Champion Max Verstappen has been handed a one-place grid penalty for impeding Mercedes driver George Russell during the Qualifying session for the Qatar Grand Prix. The Red Bull driver had initially achieved the fastest time at the Lusail International Circuit, marking his first pole since the Austrian Grand Prix. However, Russell will now start the race from the front. The incident occurred while Verstappen was executing an extra warm-up lap during Q3, moving at a considerably slow pace before his final push. During this period, Russell, on a different preparation strategy, approached and caught up with Verstappen between Turns 12 and 14. The Stewards conducted a review of the incident, examining a range of evidence including positioning and marshalling system data, videos, timing telemetry, and even the team radio and in-car video footage. They determined that Verstappen was following a distinct preparation strategy that clashed with Russell's plan and was driving significantly below the prescribed delta time. As noted by the Stewards (below): "The Stewards heard from the driver of Car 1 (Max Verstappen), the driver of Car 63 (George Russell), team representatives and reviewed positioning/marshalling system data, video, timing, telemetry, team radio and in-car video evidence. "Car 1 was on a different preparation strategy to that of Car 63. Car 1 was well outside of the delta and the driver of Car 1 explained he had let Cars 4 and 14 past. The driver of Car 63 claimed that he had adhered to the delta and did not expect Car 1 to be on the racing line. He stated that if a car was going slow in a high-speed corner, it should not be on the racing line. "The Stewards regard this case as a complicated one in that clearly Car 1 did not comply with the Race Director's Event Notes and clearly was driving, in our determination, unnecessarily slowly considering the circumstances." The penalty decision was mitigated to a reduction of just one grid position instead of the standard three. This decision took into account that neither Verstappen nor Russell was on a push lap. The Stewards continued: "It was obvious the driver of Car 1 was attempting to cool his tyres. He also could see Car 63 approaching as he looked in his mirror multiple times whilst on the small straight between Turns 11 and 12. "Unusually, this incident occurred when neither car was on a push lap. Had Car 63 been on a push lap, the penalty would have most likely been the usual 3 grid position penalty, however in mitigation of penalty, it was obvious that the driver of Car 63 had clear visibility of Car 1 and that neither car was on a push lap." DOC 49 - Infringement - Car 1 - Alleged driving unnecessarily slowly https://t.co/nVLPv627jK #QatarGP #F1 #FIA pic.twitter.com/Xan5EJq4gCHALEU is urgently needed for next-gen nuclear energy, says former SpaceX engineerA new neutrino detector in China aims to spot mysterious ghost particles lurking around us
NoneScientology Expands Its Impact in Santo André, the Industrial Heart of São Paulo