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FOR IMMEDIATE RELEASE February 23 , 2021 Toll Brothers AMERICA'S LUXURY HOME BUILDER CONTACT : Frederick N. Cooper ( 215 ) 938-8312 fcooper@tollbrothers.com Toll Brothers Reports FY 2021 1st Quarter Results FORT WASHINGTON , PA , February 23 , 2021 -- Toll Brothers , Inc. ( NYSE : TOL ) ( TollBrothers.com ) , the nation's leading builder of luxury homes , today announced results for its first quarter ended January 31 , 2021 . FY 2021's First Quarter Financial Highlights : • Net income and earnings per share were $ 96.5 million and $ 0.76 per share diluted , compared to net income of $ 56.9 million and $ 0.41 per share diluted in FY 2020's first quarter . • Pre - tax income was $ 127.4 million , compared to $ 65.9 million in FY 2020's first quarter . • • • • • • Home sales revenues were $ 1.41 billion , up 9 % compared to FY 2020's first quarter ; delivered homes were 1,777 , up 10 % . Net signed contract value was $ 2.51 billion , up 68 % compared to FY 2020's first quarter ; contracted homes were 2,874 , up 59 % . Backlog value was $ 7.47 billion at first quarter end , up 37 % compared to FY 2020's first quarter ; homes in backlog were 8,888 , up 38 % . Home sales gross margin was 20.5 % , compared to FY 2020's first quarter home sales gross margin of 20.4 % . Adjusted home sales gross margin , which excludes interest and inventory write - downs , was 22.9 % , compared to FY 2020's first quarter adjusted home sales gross margin of 23.0 % . SG & A , as a percentage of home sales revenues , was 14.9 % , compared to 16.8 % in FY 2020's first quarter . Income from operations was $ 119.1 million . Other income , income from unconsolidated entities , and land sales and other gross profit was $ 49.2 million . The Company repurchased approximately 4.0 million shares of its common stock during the quarter at an average price of $ 44.54 per share for an aggregate purchase price of approximately $ 179.4 million , which reduced share count by approximately 3 % compared to FYE 2020 . In January 2021 , the Company voluntarily repaid $ 150.0 million of the $ 800.0 million principal amount outstanding under its five - year senior unsecured bank term loan . The remaining principal amount outstanding under the term loan is scheduled to mature on November 1 , 2025. No prepayment charges were incurred in connection with the repayment . Second Quarter and Full Year Financial Guidance : • • Second quarter deliveries of approximately 2,175 homes with an average price of between $ 785,000 and $ 805,000 . Delivery guidance for the second quarter reflects the slower COVID - 19 impacted sales environment of mid - March through May 2020 . FY 2021 deliveries of between 10,000 and 10,400 homes with an average price of between $ 790,000 and $ 810,000 . • Second quarter adjusted home sales gross margin of approximately 23.4 % . • FY 2021 adjusted home sales gross margin of approximately 24.3 % . • Second quarter SG & A , as a percentage of home sales revenues , of approximately 13.0 % . • FY 2021 SG & A , as a percentage of home sales revenues , of approximately 11.9 % .