Toll Brothers reported fiscal first-quarter earnings after Tuesday's market close. Shares of the luxury-home builder rose early Wednesday, clearing a buy point.
Toll Brothers Earnings
Toll Brothers earnings jumped 32% to $2.25 a share, with revenue up nearly 10% to $1.95 billion on 1,927 homes delivered at an average price of about $1 million. Some 2,024 homes were contracted in the quarter.
Earnings were expected to rise 5% to $1.78 a share, with revenue up 5% to $1.876 billion, according to FactSet. Analysts forecast 1,864 homes delivered, with new orders of 1,964 homes.
The luxury builder also guided up on fiscal Q2 and 2024 deliveries.
Toll Stock
Toll Brothers stock jumped as high as 111.66 soon after Wednesday's open, paring gains to up 3.9% at 107.63. That's still above a 105.91 flat-base buy point.
Shares rose 1.3% Tuesday to 103.55, rebounding from the 50-day line.
The flat base formed after a strong run from a mid-November cup-with-handle breakout. That breakout was fueled in large part by mortgage rates tumbling from long-term highs. Home loan rates are rebounding in 2024 with Treasury yields, but so far Toll Brothers stock and other homebuilders are generally holding up well.
Lennar edged up 0.7% to 151.98 after finding support at the 50-day line Tuesday. LEN stock is working on a 156.01 flat-base buy point.
Before Tuesday's open, Tri Pointe Homes reported a 31% EPS decline and 18% revenue slide that both beat views. New home orders rose 143%. Backlog units jumped 58% with the backlog value up 38%. Shares fell Tuesday to as low as 33.41, but rebounded to close up 1 cent at 34.78, above the 50-day line.
Tri Pointe stock climbed 2.1% to 35.51 on Wednesday. Technically still in a buy zone from a cup base, TPH stock has a lot of resistance just above 36.
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