Toll Brothers, Inc. ( TOL ) reported its first-quarter results after Tuesday's closing bell. Here's a look at the details from the report. 

The Details: Toll Brothers ( TOL ) reported quarterly earnings of $1.75 per share which missed the analyst consensus estimate of $2.04. Quarterly revenue came in at $1.85 billion which missed the analyst consensus estimate of $1.9 billion and is a decrease from revenue of $1.94 billion from the same period last year.

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Home sales revenues were $1.84 billion, down 5% year-over-year; delivered homes were 1,991, up 3%.

Net signed contract value was $2.31 billion, up 12% year-over-year; contracted homes were 2,307, up 13%.

Backlog value was $6.94 billion at first-quarter end, down 2% year-over-year; homes in backlog were 6,312, down 6%.

Adjusted home sales gross margin, which excludes interest and inventory write-downs, was 26.9%, compared to the prior year’s first-quarter adjusted home sales gross margin of 28.9%.

“In our first quarter, we delivered 1,991 homes at an average price of approximately $925,000, generating home sales revenues of $1.84 billion. Our adjusted gross margin was 26.9% in the quarter, or 65 basis points better than guidance, and our SG&A expense, as a percentage of homebuilding revenues, was 13.1%, or 40 basis points above guidance,” said Douglas C. Yearley, Jr., CEO.

“While our net income and earnings per share came in below expectations, this was due primarily to impairments and a delay in the sale of a stabilized apartment property in one of our joint ventures. Our core homebuilding operations met expectations in the quarter,” Yearly added.

TOL Price Action: According to data from Benzinga Pro, Toll Brothers ( TOL ) shares are down 4.94% after hours at $115.96 Tuesday.  

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