High demand

The Toll Brothers announced that their budget revenue for 2022 will increase by 20% as demand grows.

Luxury construction company Toll Brothers announced on Tuesday that $3.02 adjusted quarterly earnings of 1 per share and beating expectations $2.49.

Revenue for the quarter increased 18.2% compared to the same period last year, to USD 2.95 bln also exceeded the expected USD 2.88 bln.

Douglas C. Yearley, CEO of Toll Brothers, said: "We are pleased with our performance in Q4, a special year in which the balance of revenue, profit, contract and orders reached record levels."

The company said it expects to deliver 11,250-12,000 units for the full year, with an average delivery price of USD 875,000-895,000.

During fiscal 2021, it built 9,986 units and collected 8.43 home sales.

"Demand remains at very high levels. The housing market continues to benefit from strong fundamentals, including favorable demographics, potential demand due to a shortage of new homes that lasted more than 10 years, low mortgage rates, a challenging resale market, and ongoing lifestyle changes among Americans," Yearley added. "We believe these trends will continue to create strong demand for our first community, our new community, and our active adult community," he said.

However, it should be noted that Toll Brothers shares are up 63% this year.