Toll Brothers (TOL) has reported a 3.78 percent fall in profit for the quarter ended Jan. 31, 2017. The company has earned $70.42 million, or $0.42 a share in the quarter, compared with $73.18 million, or $0.40 a share for the same period last year. Revenue during the quarter went down marginally by 0.84 percent to $920.73 million from $928.57 million in the previous year period.
Cost of revenue went up marginally by 2.90 percent or $20.69 million during the quarter to $733 million. Gross margin for the quarter contracted 290 basis points over the previous year period to 20.39 percent.
Total expenses were $870.10 million for the quarter, up 4.31 percent or $35.99 million from year-ago period. Operating margin for the quarter contracted 467 basis points over the previous year period to 5.50 percent.
Operating income for the quarter was $50.63 million, compared with $94.46 million in the previous year period.
For fiscal year 2017, Toll Brothers forecasts revenue to be in the range of $5,200 million to $6,200 million.
Douglas C. Yearley, Jr., Toll Brothers' chief executive officer, stated: "FY 2017's first-quarter contracts rose 14% in dollars and 22% in units compared to the first quarter of FY 2016. This was our tenth consecutive quarter of year-over-year growth in contract dollars and units, with double digit increases in each of the past three quarters. And for the first 3 weeks of FY 2017's second quarter, non-binding reservation deposits were up 16% in units, compared to the same period in FY 2016."
Total assets grew 8.60 percent or $753.36 million to $9,516.80 million on Jan. 31, 2017. On the other hand, total liabilities were at $5,195.78 million as on Jan. 31, 2017, up 12.77 percent or $588.30 million from year-ago.
Return on assets moved down 10 basis points to 0.74 percent in the quarter. At the same time, return on equity moved down 13 basis points to 1.63 percent in the quarter.
Debt moves up
Total debt was at $3,632.46 million as on Jan. 31, 2017, up 7.79 percent or $262.36 million from year-ago. Shareholders equity stood at $4,321.02 million as on Jan. 31, 2017, up 3.97 percent or $165.06 million from year-ago. As a result, debt to equity ratio went up 3 basis points to 0.84 percent in the quarter.
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