<p>托尔兄弟公司（Toll Brothers Inc.）已举行其第四季度财报电话会议。以下是会议的主要亮点。</p>
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<p>托尔兄弟公司在挑战中报告强劲的收益</p>
<p>托尔兄弟公司的最新财报电话会议描绘了强劲的财务表现和战略增长，尽管面临一些障碍。公司庆祝创纪录的住宅销售收入和社区数量的增加，这些都是会议的关键亮点。然而，延迟的商业交易和净协议的下降等挑战也被讨论。总体而言，公司对未来增长保持谨慎乐观的展望，对 2026 财年持保守态度。</p>
<h2>住宅销售收入创纪录</h2>
<p>托尔兄弟公司实现了创纪录的 108 亿美元住宅销售收入。公司交付了 11,292 套住宅，平均价格为 96 万美元，展示了其在挑战性销售环境中蓬勃发展的能力。这一成就凸显了公司强大的市场地位和有效的销售策略。</p>
<h2>强劲的财务指标</h2>
<p>财报电话会议强调了托尔兄弟公司令人印象深刻的财务指标，包括 27.3% 的调整后毛利率和 9.5% 的销售及管理费用率。公司报告每股摊薄收益为 13.49 美元，产生了 11 亿美元的强劲经营现金流。此外，他们实现了 17.6% 的期初股本回报率，反映出高效的财务管理。</p>
<h2>社区数量增长</h2>
<p>托尔兄弟公司将其社区数量增加了 9%，并计划在 2026 财年进一步增长 8% 至 10%。这一扩张是增强市场存在感和满足更广泛客户基础的战略举措，显示出对未来需求的信心。</p>
<h2>有效的规格策略</h2>
<p>公司的规格策略证明是有效的，规格交付在 2025 财年占交付总量的约 54%。这一方法吸引了寻求快速入住的买家，为市场提供了竞争优势。</p>
<h2>公寓生活业务销售延迟</h2>
<p>讨论的一个显著挑战是公寓生活业务销售的延迟关闭，这对每股收益产生了适度影响。预计该销售将在第一季度末完成，这应能使未来的财务结果与预期保持一致。</p>
<h2>净协议下降</h2>
<p>财报电话会议透露，净协议出现下降，第四季度签署了 2,598 份协议，总金额为 25 亿美元，单位数量较去年下降 2%，金额下降 5%。这一下降突显了市场的竞争性和波动性。</p>
<h2>第四季度交付平稳增长</h2>
<p>托尔兄弟公司在第四季度交付了 3,443 套住宅，单位数量与去年持平。然而，住宅销售收入在金额上增长了 5%，显示出尽管交付数量稳定，收入生成的韧性。</p>
<h2>前瞻性指导</h2>
<p>展望未来，尽管销售环境具有挑战性，托尔兄弟公司对其增长轨迹仍持乐观态度。公司计划继续扩大社区数量，并预计公寓生活业务销售的完成将对未来收益产生积极影响。战略重点仍然是保持强劲的财务指标并抓住市场机会。</p>
<p>总之，托尔兄弟公司的财报电话会议突显了强劲的财务表现和战略增长举措，尽管面临某些挑战。公司的创纪录住宅销售收入和社区扩展反映了其强大的市场地位。尽管提到延迟交易和净协议下降等挑战，公司对未来增长仍持谨慎乐观态度，对 2026 财年持保守展望。</p>

托尔兄弟

<p>托尔兄弟公司报告了强劲的第四季度业绩，住宅销售收入创纪录达到 108 亿美元，社区数量增长了 9%。关键财务指标包括 27.3% 的调整后毛利率和每股摊薄收益 13.49 美元。面临的挑战包括业务交易延迟和净协议下降。公司对未来增长保持谨慎乐观，计划进一步扩展社区，并对 2026 财年的前景持保守态度</p>

<p>Toll Brothers Inc. ((TOL)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>托尔兄弟公司（Toll Brothers Inc.）已举行其第四季度财报电话会议。以下是会议的主要亮点。</p>
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<div class="lb-trans"><ul>
<li>享受 TipRanks Premium 60% 的折扣，获取数据支持的洞察和研究工具，让您自信投资。</li>
<li>订阅 TipRanks 的智能投资者精选，查看我们的数据在高绩效模型投资组合中的实际应用 - 现在也享受 60% 的折扣。</li>
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</div><p>Toll Brothers Inc. Reports Strong Earnings Amidst Challenges</p>
<div class="lb-trans"><p>托尔兄弟公司在挑战中报告强劲的收益</p>
</div><p>The recent earnings call of Toll Brothers Inc. painted a picture of robust financial performance and strategic growth, despite some hurdles. The company celebrated record home sales revenues and an increase in community count, which were key highlights of the call. However, challenges such as delayed business transactions and a decline in net agreements were also discussed. Overall, the company maintains a cautiously optimistic outlook for future growth, with a conservative stance towards fiscal 2026.</p>
<div class="lb-trans"><p>托尔兄弟公司的最新财报电话会议描绘了强劲的财务表现和战略增长，尽管面临一些障碍。公司庆祝创纪录的住宅销售收入和社区数量的增加，这些都是会议的关键亮点。然而，延迟的商业交易和净协议的下降等挑战也被讨论。总体而言，公司对未来增长保持谨慎乐观的展望，对 2026 财年持保守态度。</p>
</div><h2>Record Home Sales Revenue</h2>
<div class="lb-trans"><h2>住宅销售收入创纪录</h2>
</div><p>Toll Brothers Inc. achieved a remarkable milestone with a record $10.8 billion in home sales revenues. The company delivered 11,292 homes at an average price of $960,000, showcasing its ability to thrive even in a challenging sales environment. This achievement underscores the company’s strong market position and effective sales strategies.</p>
<div class="lb-trans"><p>托尔兄弟公司实现了创纪录的 108 亿美元住宅销售收入。公司交付了 11,292 套住宅，平均价格为 96 万美元，展示了其在挑战性销售环境中蓬勃发展的能力。这一成就凸显了公司强大的市场地位和有效的销售策略。</p>
</div><h2>Strong Financial Metrics</h2>
<div class="lb-trans"><h2>强劲的财务指标</h2>
</div><p>The earnings call highlighted Toll Brothers’ impressive financial metrics, including an adjusted gross margin of 27.3% and an SG&amp;A margin of 9.5%. The company reported earnings of $13.49 per diluted share and generated strong operating cash flows of $1.1 billion. Additionally, they achieved a return on beginning equity of 17.6%, reflecting efficient financial management.</p>
<div class="lb-trans"><p>财报电话会议强调了托尔兄弟公司令人印象深刻的财务指标，包括 27.3% 的调整后毛利率和 9.5% 的销售及管理费用率。公司报告每股摊薄收益为 13.49 美元，产生了 11 亿美元的强劲经营现金流。此外，他们实现了 17.6% 的期初股本回报率，反映出高效的财务管理。</p>
</div><h2>Growth in Community Count</h2>
<div class="lb-trans"><h2>社区数量增长</h2>
</div><p>Toll Brothers increased its community count by 9%, with plans for further growth of 8% to 10% in fiscal 2026. This expansion is a strategic move to enhance market presence and cater to a broader customer base, signaling confidence in future demand.</p>
<div class="lb-trans"><p>托尔兄弟公司将其社区数量增加了 9%，并计划在 2026 财年进一步增长 8% 至 10%。这一扩张是增强市场存在感和满足更广泛客户基础的战略举措，显示出对未来需求的信心。</p>
</div><h2>Effective Spec Strategy</h2>
<div class="lb-trans"><h2>有效的规格策略</h2>
</div><p>The company’s spec strategy proved effective, with specs accounting for approximately 54% of deliveries in fiscal 2025. This approach appeals to buyers seeking quicker move-ins, providing a competitive edge in the market.</p>
<div class="lb-trans"><p>公司的规格策略证明是有效的，规格交付在 2025 财年占交付总量的约 54%。这一方法吸引了寻求快速入住的买家，为市场提供了竞争优势。</p>
</div><h2>Delayed Sale of Apartment Living Business</h2>
<div class="lb-trans"><h2>公寓生活业务销售延迟</h2>
</div><p>A notable challenge discussed was the delayed closing of the sale of the Apartment Living business, which modestly impacted earnings per share. The completion of this sale is anticipated by the end of the first quarter, which should align future financial outcomes with expectations.</p>
<div class="lb-trans"><p>讨论的一个显著挑战是公寓生活业务销售的延迟关闭，这对每股收益产生了适度影响。预计该销售将在第一季度末完成，这应能使未来的财务结果与预期保持一致。</p>
</div><h2>Decline in Net Agreements</h2>
<div class="lb-trans"><h2>净协议下降</h2>
</div><p>The earnings call revealed a decline in net agreements, with 2,598 signed for $2.5 billion in Q4, representing a 2% decrease in units and a 5% decrease in dollars compared to the previous year. This decline highlights the competitive and fluctuating nature of the market.</p>
<div class="lb-trans"><p>财报电话会议透露，净协议出现下降，第四季度签署了 2,598 份协议，总金额为 25 亿美元，单位数量较去年下降 2%，金额下降 5%。这一下降突显了市场的竞争性和波动性。</p>
</div><h2>Flat Growth in Q4 Deliveries</h2>
<div class="lb-trans"><h2>第四季度交付平稳增长</h2>
</div><p>Toll Brothers delivered 3,443 homes in Q4, maintaining flat growth in units compared to the previous year. However, home sales revenue saw a 5% increase in dollars, indicating resilience in revenue generation despite stable delivery numbers.</p>
<div class="lb-trans"><p>托尔兄弟公司在第四季度交付了 3,443 套住宅，单位数量与去年持平。然而，住宅销售收入在金额上增长了 5%，显示出尽管交付数量稳定，收入生成的韧性。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>Looking ahead, Toll Brothers remains optimistic about its growth trajectory, despite the challenging sales environment. The company plans to continue its expansion in community count and expects the completion of the Apartment Living business sale to positively impact future earnings. The strategic focus remains on maintaining strong financial metrics and capitalizing on market opportunities.</p>
<div class="lb-trans"><p>展望未来，尽管销售环境具有挑战性，托尔兄弟公司对其增长轨迹仍持乐观态度。公司计划继续扩大社区数量，并预计公寓生活业务销售的完成将对未来收益产生积极影响。战略重点仍然是保持强劲的财务指标并抓住市场机会。</p>
</div><p>In conclusion, Toll Brothers Inc.’s earnings call highlighted a strong financial performance with strategic growth initiatives, despite facing certain challenges. The company’s record home sales revenues and community expansion reflect its robust market position. While challenges like delayed transactions and declining net agreements were noted, the company remains cautiously optimistic about future growth, with a conservative outlook for fiscal 2026.</p>
<div class="lb-trans"><p>总之，托尔兄弟公司的财报电话会议突显了强劲的财务表现和战略增长举措，尽管面临某些挑战。公司的创纪录住宅销售收入和社区扩展反映了其强大的市场地位。尽管提到延迟交易和净协议下降等挑战，公司对未来增长仍持谨慎乐观态度，对 2026 财年持保守展望。</p>
</div>

尽管面临挑战，托尔兄弟公司在财报电话会议中表现出色