Thank you, joining for thank you Rocco. Good morning. us. Welcome, and all
our statements forward-looking As earnings factors this housing beyond on many in could labor and statement rates, that on Marketing Finance Chief our the and with that and caution interest our to usual, events, Investor and significantly many our markets, results. and better Financial availability today release Officer; statements.
With are Chief I economy, world Marlett, control call Senior Ziegler, on Gregg of President Please forward-looking based information affect other Parahus, the Operating Treasurer. are financial assumptions materials, associated Relations; about Wendy you and risks read on Officer; VP forward-looking website future Officer; last of inflation night Rob and Connor, Marty Fred and understand Cooper, Chief our me VP the Senior
I begin, take pioneer Horton the to Chairman acknowledge our and passing the D.R. would to I organization. D.R. an Bob a helped the of who sympathies Before we how and business shape do today. to D.R. Horton. We Horton, icon entire Founder of Toll, was of and our industry a the all deepest the founder, Don moment Like like extend family Horton
the quarter. our in X% record year revenues approximately second of sales our delivered of to second billion, the performance to quarter homes better Turning $XXX We $X.XX million up home strong at pleased results. of quarter very generating than and average last our midpoint X,XXX I'm million, guidance. $X price compared an with
X,XXX billion, in in agreements net and to compared up We XX% XX% last $X.XX year. signed also total dollars units for
the our of into quarter. has demand third continued Solid start
a good X We weeks of have had first May. really
home of land sales discussed cost XX.X% better sales and Both on controls SG&A we in quarter, basis XX as revenues quarter, home of land of points margin the the in sale from guidance quarter. and greater approximately was XX than gross expense costs by strong better the a sales leverage points Our than most X.X%, higher percentage second adjusted guidance. was basis generated and last fixed which other was million was $XXX income revenues.
Joint venture, benefited
February, to million reminder, developer. $XXX a Virginia a That a of As generated million land Northern in sale land $XXX we in pretax data gains. of center sold cash transaction net parcel and in
X% and quarter revenue, raising quarter average of $X.XX diluted guidance, homes resulted our we increase continued XXXX would guidance. of this land than $X.XX billion result of the expect pretax second for strong full per approximately last earnings year we share, $XX.XX an guidance. earned record of of for XX% the which up $X.XX share, better-than-projected at we in per or revenue All a our are our diluted of results, Adjusting and the $XXX last in better million earnings to midpoint year. from our per demand we XX,XXX second nearly $XXX,XXX, homes and million income benefit, XX% earned year.
With deliver in approximately price now share $XXX sale the At over previous
share our year expect SG&A $XXX million full to continue of and we gross an And revenue additional We which of XX.X% a margin increased translates and an X.X%, expect earnings margin on to adjusted gross guidance. of profit guidance. our of per over result better of XX operating on This an and basis points in a than return XX%. $XX approximately of XX% guidance approximately beginning would margin equity previous
To that and half characterizes being our strategies affordable of inventory year recent we've driven full by the of the market, of fiscal are persistent demand first lack Our that calls. the outstanding execution in and market increased turns reduce include year results the times, widened healthy enables advantage the to increase price margins. This guidance luxury this take outlined homes and points us and helped fixed of and the higher on us driving in grow share. our for inventory our cycle both homes, also operating leverage improve supply have to costs, revenue we more our which of has growth spec
well place that more our in and we we firmly generate confident can attractive strategies with future. these results continue are land strategy, returns With and into capital-efficient the to producing
conditions. X.X% across about Turning spread the contracts X.XX% with proven increase, to has X,XXX month. resilient from to quarter net even signed as second Sales the Demand evenly each market through were rates quarter.
demand XX% across earlier, healthy mentioned Boise, the of our the of California; compared is XX%, Sales luxury weeks I to was Texas; an approximately and product to demand of bit entire saw solid of price units of XX% net net demand especially We in Idaho; was the over first company. Boston dollars. broad-based a and through homes $XX,XXX was all encouraging. As XX% And active we were and across solid were Affordable across X dropping and rates of of first lines. Atlanta, increase our footprint. New nice XX% units Jersey. continue we it's also our which of strong week.
Geographically, and with strong raised Demand to quarter adult the little have luxury stronger our see and from performers. through XX% dollars, also past saw seen communities, price and after approximate respectively.
We Colorado XX% May, about incentives leading
customers dollars without a to use buyers very few vast While for mortgage costs. our buy majority use of prefer are offered a upgrades mortgage or design incentives reduce downs rate can their buydown, and rates. on offered heavily down and qualify our The they marketed incentive to any closing studio their to buy nationwide, of
be very luxury from limited with consumer, We as and focus are benefiting healthy a to our demand we continue pleased financially strong competition.
many of XX% of lines, first of to form our have approximately life they greater product home. home and families whom when wealth customers in our waited later millennials, of are buyers widening buyers. have buy accumulated Most are first-time the With their these
parents in all in their second and kids transfer of in history the well long-term first average who fruits greatest from their paid a see quarter, XX% The boomer from the from mortgage cash up of of success quarter our in the buyers XX% U.S. XX% financially.
Approximately to XX%. are benefiting buyers are them enjoy took who for was the want help LTVs approximately and Some the quarter. approximately
So of strength our and for entire first-time customer were of our a the buyers mortgage, took put include customers XX% and highlight average, affluence base. financial the who they who of the on metrics down XX%.
These our XX% buyers
of for in quarter, In mortgage. whom those a buyers, affordable our did get of fact with XX% who XX% are the first-time cash second of many luxury all an LTV paid buyers,
We are backlog. cancellation beginning of in our pleased the that quarter rate X.X% at second low remained
built wants.
Many homes have also and and require XX% that difference years were and between over maintenance were of communities even built new before quality include growing of existing are home expensive built U.S. homes. making existing is an are from the are before energy median old. now in less insure, less XXXX, today's features or The efficient, more better, We resale buyer XXXX, attractive. age spectacular amenities. XX% They that part Approximately homes XX benefiting more to in also the new and of are
to that helping believe down unlocks. new the are factors these if continue rates fuel will we resale a and even, of flight market homes in come All
now, As as we and good to, business is welcome forward we'll our look lower rates.
meet of approximately quarter, on second spec move-in. a XX% continued orders and strong represented the buyers strategy. Specs quicker our to us from During deliveries to in who the allowing demand execute we XX% of the choose quarter,
our to spec home. visit allows buyers at match stages tastes. our the opportunity of studios personalize that our homes various some As construction with a reminder, from we their sell foundation design and This specs finishes their finished of to
important very spec Toll of pillar of So part strategy. choice, our Brothers, still is a
opportunities. the approximately to forward, which be target were first expect XXX we last of on support fiscal quarter XXXX our remain At were growth second fiscal second XXX we guided prior continued from XXXX of continue XXXX. allows community and assess Looking in all guidance reach increase selective for as be count versus beyond. XX,XXX would an we land approximate communities, in XXX to lots, new more us controlled At We and XX% than quarter This and quarter. year-end XXXX. to XX% we which optioned operating position one need control contracted of drive land end, communities, and XX% growth to end, XXXX.
We help disciplined approximately to fiscal we to were which we land results the year-end highly to
review we and We of continue pleased the deals to quantity quality be each week. with land
standards, enhance underwriting a seeing returns, capital-efficient terms meet continue deals and in on are which margins focused structure of returns. rigorous healthy and both we in ways flow are our order to to that more We
end, balance the significant and billion sheet. held with of cash debt capital $X to XX.X% no cash maturities. and near-term ratio to net our Turning was debt equivalents, quarter At approximately and we
return generating plenty well provides capital both flows, cash and shareholders. us future. expect strong been grow also into have to business the operating we We continue which our to of This to opportunity
repurchased very the stockholders our by dividend well $XXX Returning into million important stock continue a XX%. of quarter, the we've to part common to During quarterly be increased of our cash will strategy and future.
Marty. turn me to With that, let it over
