Toll Brothers Inc (NYSE:TOL) shares jumped 5% on Wednesday after the company reported better-than-expected results, and offered a brighter outlook for homebuilders than recent data have suggested.
Shareholders would also have been pleased to learn the company plans to announce cash returns through the year — through dividends or share buybacks.
But it was the brighter-than-expected outlook for 2024 that drove shares higher across the sector.
“Based on our first quarter results, and with a strong start to the spring selling season, we are raising our full year guidance across all key metrics,” said Douglas Yearley, chair and CEO.
He added: “With a healthy job market, improving consumer sentiment, and continued low levels of resale inventory, we are optimistic that demand for new homes will remain strong in 2024.”
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