Toll Brothers Inc (NYSE:TOL) stock rose 6.42% (As on May 25, 12:57:13 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the second quarter of FY 22. The net signed contract value was $3.1 billion, up 1% Y/Y, and contracted homes were 2,874, down 18%. Backlog value was $11.7 billion, up 35% Y/Y; homes in backlog were 11,768, up 16% Y/Y. The Company ended its FY 2022 second quarter with approximately $535.0 million in cash and cash equivalents, compared to $1.6 billion at FYE 2021 and $671.4 million at FY 2022’s first quarter end. At FY 2022 second quarter end, the Company also had $1.8 billion available under its $1.9 billion bank revolving credit facility, substantially all of which is scheduled to mature in November 2026. Stockholders’ Equity at FY 2022 second quarter end was $5.4 billion, compared to $5.3 billion at FYE 2021. FY 2022’s second quarter-end book value per share was $46.51 per share, compared to $44.08 at FYE 2021. The Company ended FY 2022’s second quarter with a net debt-to-capital ratio of 33.1%, compared to 31.9% at FY 2022’s first quarter end, and 25.1% at FYE 2021. The Company ended FY 2022’s second quarter with approximately 85,800 lots owned and optioned, compared to 86,500 one quarter earlier, and 74,500 one year earlier. Approximately 47% or 40,700, of these lots were owned, of which approximately 18,300 lots, including those in backlog, were substantially improved. In the second quarter of FY 2022, the Company spent approximately $282.9 million on land to purchase approximately 3,276 lots. The Company ended FY 2022’s second quarter with 328 selling communities, compared to 325 at FY 2022’s first quarter end and 320 at FY 2021’s second quarter end.

TOL in the second quarter of FY 22 has reported the adjusted earnings per share of $1.85, beating the analysts’ estimates for the adjusted earnings per share of $1.50. The company had reported the adjusted revenue growth of 18 percent to $2.28 billion in the second quarter of FY 22, beating the analysts’ estimates for revenue of $2.06 billion. The operating income increased by 52.8% to $281.66 million, and the margin expanded by 281 bps to 12.4%.

Additionally, the Company repurchased approximately 2.2 million shares of its common stock during the quarter at an average price of $48.30 per share for an aggregate purchase price of approximately $106.5 million.