Toll Brothers (NYSE:TOL) shares rose more than 3% after-hours following the company's reported Q2 results, with EPS of $2.85 coming in better than the consensus estimate of $1.91. Revenue grew 14% year-over-year to $2.51 billion, beating the consensus estimate of $2.06B.
The net signed contract value was down 26% year-over-year to $2.3B, with contracted homes falling 19% to 2,333. At the end of Q2, backlog value was $8.4B, down 28% year-over-year, with homes in backlog falling 36% to 7,574.
“As mortgage rates have stabilized and buyer confidence has improved, the increase in demand that began in January has continued through our second fiscal quarter and into the start of our third quarter,” said CEO Douglas Yearley.