CLAIM #731 · Toll Brothers Inc (TOL) · 2022Q2 earnings call · May 25, 2022 · due Oct 31, 2022
“Our guidance for the fourth quarter is therefore $68 million, primarily from the sale of certain apartment-living assets.”
Martin Connor · CFO
Where this number comes from
Verbatim from a later earnings call (Aug 24, 2022).
Why this grade
Management withdrew the $68 million fourth-quarter guidance tied to apartment-living asset sales, pushing those sales out to fiscal 2023 instead of the committed quarter.
How to check this claim
Look at: Other income, income from unconsolidated entities and land sales gross profit, fourth fiscal quarter
It came true if: Approximately $68 million (within +/- $5 million)
Where: Company quarterly earnings release / 10-K segment disclosures (Q4 FY2022)
In context
“efit from our reduced leverage. We project third quarter SG&A as a percentage of home sales revenues to be approximately 10.5%. For the full year, we project SG&A as a percentage of home sales revenues to be approximately 10.4%, a modest 10 basis point improvement from our prior guidance. We expect community count to be approximately 325 at the end of the third quarter and 370 by fiscal year end. We have lowered our full year community count projection slightly due to municipal delays and supply chain disruptions impacting land development. Other income, income from unconsolidated entities and land sales gross profit is expected to be breakeven for the third quarter, but is now expected to be approximately $110 million for the full year, an increase of $10 million over our prior guidance. Our guidance for the fourth quarter is therefore $68 million, primarily from the sale of certain apartment-living assets. We projected tax rate of approximately 26% for the third quarter and 25.7% for the year. Our weighted average share count is expected to be 119 million shares for the full year and 117.5 million for the third quarter. Based on all these factors, we continue to project approximately $10 per share in full year earnings per share and a return on beginning equity of approximately 23%. Now, Doug, back to you. Douglas Yearley: Thank you, Marty. Before I open it up for questions, I’d like to thank all of our Toll employees for their hard work this quarter. Their commitment to providing our customers an extraordinary home buying experience is key to our success. Now Jason, let me open it up to questions. Operator: Thank you. [Operator Instructions] As a reminder, the company is planning to end th”
Verify independently
SEC filings for TOL ↗ · Claim quote is verbatim from the 2022Q2 earnings call.