EFTA Document EFTA01387273

Instead, Toll is the only builder amongst the June/July quarter reports to deliver an order beat against consensus and even came in ahead of expectations for gross margins. So do these results then mean that the housing recovery is still going strong? Not really - order consensus had likely been lowered post the other builders' results, especially since higher-end builders seemed to do worse than lower-end builders; also, a gross margin beat of 30 bps is well below the 100-150 bps beats that