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Toll Brothers Inc. (TOL+0.32%) has submitted its Form 10-K filing for the fiscal year ended October 31, 2024.
The filing reports total revenues of $10.85 billion, an increase from $9.99 billion in the previous year, with home sales revenues contributing $10.56 billion.
Net income for the year was $1.57 billion, up from $1.37 billion in 2023. The increase in net income is attributed to higher home sales revenues and a significant gain from a land sale.
The company delivered 10,813 homes in fiscal 2024, a 13% increase from the 9,597 homes delivered in 2023. The average price of homes delivered decreased by 5% to $976,900.
Toll Brothers reported a backlog of $6.47 billion, representing 5,996 homes, as of October 31, 2024. This is a decrease from the $6.95 billion backlog reported at the end of the previous fiscal year.
The company recognized inventory impairment charges totaling $59.4 million, primarily related to operating communities.
SG&A expenses increased to $982.3 million, representing 9.3% of home sales revenues, consistent with the prior year.
Income from unconsolidated entities was a loss of $23.8 million, compared to income of $50.1 million in 2023, due to fewer gains from property sales by joint ventures.
Toll Brothers' cash and cash equivalents were $1.30 billion at the end of fiscal 2024, with $1.77 billion available under its revolving credit facility.
The company repurchased $627.1 million of its common stock during the fiscal year and paid $93.4 million in dividends.
Toll Brothers operates in 24 states and the District of Columbia, focusing on luxury residential homes and urban and suburban rental properties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Toll Brothers Inc. annual 10-K report dated December 20, 2024. To report an error, please email earnings@qz.com.