"Inventories are tight, Toll said"
Meanwhile, in reality land...
The market says Toll is full of shyte.
Posted on 08/22/2013 5:22:48 AM PDT by SeekAndFind
High-end home builder Toll Brothers reported a drop in fiscal third-quarter profits Wednesday, but the dip was due largely to a tax expense as pre-tax income, revenues and home deliveries all climbed in the quarter.
Toll Brothers recorded net income of $46.6 million, or 26 cents per share, down from $61.6 million a year ago. The 2012 figure included an $18.7 million tax benefit though, compared with a $21.7 million tax expense in the most recent quarter.
On a pre-tax basis Toll Brothers earned $68.3 million, up from $43 million a year ago.
[SNIP]
Net signed contracts were up 47% on a dollar basis to $992.6 million and 26% in units to 1,405 from fiscal 2012, while the cancellation rate was steady at 4.6%. Toll Brothers has a backlog of $2.8 billion, up 75%, and 4,001 units, up 56%, compared with a year ago.
Executives expressed confidence that the builder’s rebound from the dark days of following the housing bust still has a long runway ahead.
“We believe the recovery is real and we are in the early stages of the rebound,” said CEO Douglas Yearley, touting better sales volumes and pricing power.”
Executive Chairman Robert Toll cited improvements from a year ago in measures like the University of Michigan’s consumer sentiment survey — which recently slipped from a fresh six-year high — and the slowly declining unemployment rate.
Inventories are tight, Toll said and “demand, based on household formations, is compelling, especially given the still very-low volume of industry home production.”
(Excerpt) Read more at forbes.com ...
Personally I would take a hard look at the demographics of the purchasers of the homes being bought.
Though as far as people like Toll Brothers are concerned all that matters is the color of the money they are being paid or if the buyers qualify for a mortgage.
The number of foreclosure legal ads in the back of the local paper is still holding at the fairly steady pace seen for five years or so. Times are great all over!
I work in the industry, and no, they’re not full of it. Our net sales are over 20% higher vs. last year thru July. This is also true for most of our competitors.
[Personally I would take a hard look at the demographics of the purchasers of the homes being bought]
That might be almost as interesting as the demographics of the laborers who build them.
I suppose when an illegal immigrant is stapling the particle board onto some money-laundering demoralized miscreant’s new McCastle, it creates a certain envious motivation.
Fu and the Subprime Jackwagon full of A$$paper you rode in on.
Thanks, that’s the best laugh I’ve had in awhile. (and, yes, I’m laughing AT YOU, not with you).
Maryland. Uhuh.
How many of the folks buying your “high end” particle-board and styrofoam McProduct are termites in the government kleptocracy?
http://washington.cbslocal.com/2013/08/13/d-c-area-real-estate-market-is-booming/
But again, thanks for the laugh, and for making it clear that I can (and will) ignore all your future moronic posts.
How many of the folks buying your “high end” particle-board and styrofoam McProduct are termites in the government kleptocracy?
http://washington.cbslocal.com/2013/08/13/d-c-area-real-estate-market-is-booming/
Yeh if you are a Chinese investor. Thats who is buying up all the properties.
Its hard to make a mortgage payment on unemployment compensation or on a 29 hour per week salary. Wait til the interest rates jump up another point or two.
This has everything to do with an unsustainable big federal gov’t and a spendaholic state of MD. Enjoy your Ponzi scheme.
Back end ratio? BWAHAHAHAHA...with credit card debt and student loans, 70% was the norm. Doesn't leave much for food and other living expenses.
Another sequester/furlough will push them over the ledge.
Mortgage lenders have NOT cleaned up their act. I've seen mods done for self-employed borrowers that used gross sales for their gross income.
I live in Maryland, the builder I work for builds in 7 different markets on the east coast, only two of which serve the DC/North Va market. And the division that has by far had the biggest jump in sales the last two years........is in North Carolina.
Any other nonsense you'd like to spew - save it, I'm not interested in discussions with petulant children.
Detroit is your future. Have a nice day.
Not that I was familiar with them or their line of business, it was all I needed to know about the Toll Brothers.
Wealthy people rarely look at another wealthy persons politics. The look at each other as contacts to new markets. They are interested in making money, not what happens to the peons below them.
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