Toll Brothers Q1 Misses Estimates
Toll Brothers turned in decent enough numbers for its just-released fiscal Q1 2013 results, but they still fell short of expectations. For the quarter, the company posted revenues of $425 million, a 32% improvement over the same period the previous year. The bottom line swung into the black $4.4 million ($0.03 per diluted share), compared with a $2.8 million ($0.02) loss in Q1 2012.
The company sounded a bullish note about its performance during the quarter and its expectations for the rest of the year. It quoted its CFO Martin Connor as saying: "The pace of our sales accelerated throughout FY 2012, so our backlog at fiscal-year-end 2012 was weighted to homes to be delivered in the latter part of FY 2013. Therefore, we see accelerating deliveries throughout FY 2013."
Analysts, however, were expecting significantly better. The average estimate for Q1 revenues was $501 million, while that for EPS was $0.11.
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