Fort Washington-based homebuilders Toll Brothers is reportedly looking at 20% revenue growth for the 2022 fiscal year, writes Ken Martin of Fox Business.
For the luxury construction company, quarterly earnings have gone up—while the initial expectation per share was $2.49, the adjusted earnings are now going at $3.02 per share. Their shares have gained 63% currently for 2021.
When comparing revenue, Toll Brothers has seen an 18.2% growth to $2.95 billion just this quarter from one year ago. This number beat out expectations as well, where previous projections estimated $2.88 billion.
During the 2021 fiscal year, the company delivered 9,986 homes.
This brought their total sales revenues to a whopping $8.43 billion. However, the company expects to deliver even more. Within the full year, they estimate between 11,250 and 12,000 units will be delivered.
“Demand remains very strong,” states Toll Brothers chairman Douglas Yearley. According to Yearley, a combination of favorable demographics, many years without the production of new homes, and low mortgage rates are the cause of the stock market boom for them.
“We believe these trends will continue to drive strong demand for our first-time, move-up and active adult communities well into the future,” said Yearley.
Read more about Toll Brothers in Fox Business.