Toll Brothers Fourth Quarter 2013 Numbers
$4.4 M +257%
Behind the Numbers:
There was a lot for Toll to brag about in the quarter that ended Jan. 31. Profits were up substantially. It sold at a brisk rate of 4.34 units per community, its fastest pace in any quarter since 2006. And its average sale price spiked to $569,000, helped out by some Manhattan Upper East Side units that averaged $4.1 million each. Company officials predict Toll will deliver between 2,750 and 4,300 homes in its fiscal year. Toll’s diversification strategy continued to pay off with its Gibraltar Capital and Asset Management division contributing $2.1 million pre-tax to profits. Its new side business of building rental apartments is also moving along. It has assembled a pipeline for 4,000 new rental units. It’s also jumping into student housing, controlling land for 890 units (3,095 beds).
Toll’s fiscal year ends on Oct. 31.