Toll Brothers (NYSE:TOL) concluded its strongest fiscal year on record, showcasing robust fourth-quarter earnings. However, the company’s stock dipped 2% in after-hours trading following mixed responses concerning a decline in backlog.

In the latest quarter, earnings per share reached $4.63, exceeding analyst expectations of $4.34. Revenue surpassed forecasts, rising to $3.33 billion, above the estimated $3.17 billion. The company successfully delivered 3,431 homes during the quarter, reflecting a 25% increase year-over-year. Additionally, home sales revenue grew by 10% from the previous year, hitting $3.26 billion.

Nevertheless, the backlog exhibited signs of contraction. By quarter-end, the backlog value fell by 7% year-over-year to $6.47 billion, with the number of homes in backlog declining by 9% to 5,996 units.

Looking ahead, Toll Brothers anticipates delivering between 11,200 and 11,600 homes for fiscal 2025, with expected average prices ranging from $945,000 to $965,000.