HORSHAM, PA -- Toll Brothers, Inc., the nation's leading builder of luxury homes, said fourth-quarter net income was $147.2 million, compared to $131.5 million, or $0.71 per share diluted, in FY 2014's fourth quarter. Revenues totaled $1.44 billion and home building deliveries of 1,820 units rose 6% in dollars and 1% in units, compared to FY 2014's fourth-quarter totals of $1.35 billion and 1,807 units. The average price of homes delivered was $790,000, compared to $724,000 in FY 2015's third quarter and $747,000 in FY 2014's fourth quarter.
Net signed contracts of $1.25 billion and 1,437 units rose 29% in dollars and 12% in units, compared to FY 2014's fourth-quarter totals of $970.8 million and 1,282 units. The average price of net signed contracts was $872,000, compared to $834,000 in FY 2015's third quarter and $757,000 in FY 2014's fourth quarter. On a per-community basis, FY 2015's fourth-quarter net signed contracts were 5.21 units, compared to fourth-quarter totals of 5.01 in FY 2014, 5.17 in FY 2013, 4.86 in FY 2012 and 3.04 in FY 2011.
Douglas C. Yearley, Jr., Toll Brothers' chief executive officer, stated: "The housing market continues on a pace of steady growth and we are well-positioned to take advantage of this growth. On a compound average annual basis, our revenues, fiscal year-end backlog (in dollars) and contracts (in dollars) have grown 30%, 33% and 25%, respectively, since their recent respective lows in FY 2011, 2010 and 2009.
"FY 2015's fourth quarter was our fifth consecutive quarter of year-over-year growth in contract units and dollars. The momentum has continued into FY 2016's first quarter: Through the first five weeks of FY 2016, our contracts in units are up 21%, compared to FY 2015's same period.
"We enter FY 2016 with a backlog up 29% in dollars and are experiencing a housing market in many regions that is healthier than a year ago. Therefore, we believe FY 2016 will be a year of strong growth in revenues and profit.