TOL - Toll Brothers Inc. (TOL) Q2 2024 Earnings Call Transcript
2024-05-22 12:21:03 ET
Toll Brothers, Inc. (TOL)
Q2 2024 Earnings Conference Call
May 22, 2024 08:30 a.m. ET
Company Participants
Douglas Yearley - Chairman, Chief Executive Officer
Martin Connor - Chief Financial Officer
Robert Parahus - President, Chief Operating Officer
Frederick Cooper - Senior Vice Present of Finance, Investor Relations
Wendy Marlett - Chief Marketing Officer
Gregg Ziegler - Senior Vice President, Treasurer
Conference Call Participants
Stephen Kim - Evercore ISI
John Lovallo - UBS
Ivy Zelman - Zelman & Associates
Michael Dahl - RBC Capital Markets
Rafe Jadrosich - Bank of America
Sam Reid - Wells Fargo
Presentation
Operator
Good morning. Welcome to the Toll Brothers Second Quarter Fiscal Year 2024 Conference Call. All participants will be in listen only mode [Operator Instructions]. The company is planning to end the call at 9:30 AM when the market opens. During the Q&A, please limit yourself to one question and one follow up. Please note, today's event is being recorded.
I would now like to turn the conference over to Douglas Yearley, CEO. Please go ahead, sir.
Douglas Yearley
Thank you, Rocco. Good morning. Welcome and thank you all for joining us. As usual, I caution you that many statements on this call are forward-looking based on assumptions about the economy, world events, housing and financial markets, interest rates, the availability of labor and materials, inflation, and many other factors beyond our control that could significantly affect future results. Please read our statement on forward-looking information in our earnings release of last night and on our website to better understand the risks associated with our forward-looking statements.
With me today are Marty Connor, Chief Financial Officer; Rob Parahus, President and Chief Operating Officer; Fred Cooper, Senior VP of Finance and Investor Relations; Wendy Marlett, Chief Marketing Officer; and Gregg Ziegler, Senior VP and Treasurer.
Before I begin, I would like to take a moment to acknowledge the passing of Don Horton, Chairman and Founder of D.R. Horton. Like our Founder, Bob Toll, DR was a pioneer and an icon of the industry who helped shape how we all do business today. We extend our deepest sympathies to the Horton family and the entire D.R. Horton organization.
Turning to our second quarter results, I'm very pleased with our strong performance in the quarter. We delivered 2,641 homes at an average price of approximately $1 million, generating record second quarter home sales revenues of $2.65 billion, up 6% compared to last year, and $185 million better than the midpoint of our guidance.
We also signed 3,041 net agreements for $2.94 billion, up 30% in units and 29% in total dollars compared to last year. Solid demand has continued into the start of our third quarter. We have had a really good first three weeks of May. ...
Toll Brothers, Inc. (TOL) Q2 2024 Earnings Call Transcript