Order books swell for US home builder
By Sarah Ann McCay22 August 2013
US home builder Toll Bros. saw revenues and home building deliveries rise in the third quarter of 2013, while income dropped.
The company posted net profits of US$ 46.6 million, down from US$ 61.6 million for Q3 2012. However, total revenue rose +24% to US$ 689 million, while homebuilding deliveries were up +10% to 1,059 units.
The US builder also saw backlog jump, with US$ 2.84 billion and 4,001 units on the order books, up +75% in dollars and +56% in units, compared with Q3, 2012 figures.
Douglas C. Yearley, chief executive officer, stated: "Sales volumes and pricing power both increased this quarter from one year ago, a pattern consistent with recent quarters. We believe the recovery is real and we are in the early stages of the rebound.
"We remain focused on growing our company. This quarter our land position grew to 47,200 lots from 45,200 last quarter and 39,200 one year ago. We expect our community count – 225 at third quarter-end – to remain stable through the end of FY 2013 and to grow by +10% to +15% by FYE 2014."