May 24, 2016 / 9:11 AM / a year ago

BRIEF-Toll Brothers Q2 EPS $0.51

May 24 (Reuters) - Toll Brothers Inc

* Now believe average price of deliveries for full FY 2016 will be between $820,000 and $850,000 per home

* Narrowing previous full fiscal year guidance and now expect to deliver between 5,800 and 6,300 homes in fy 2016

* Qtrly backlog of $4.19 billion and 4,940 units rose 20% in dollars and 13% in units

* Now expects to deliver between 5,800 and 6,300 homes in FY 2016 at an average price range of $820,000 to $850,000

* Reiterate expected gross margin (pre-interest and pre-impairment) for full fy 2016 to be approximately 25.8% to 26.2%

* Effective may 23, 2016, board of directors authorized repurchase of 20 million shares of toll brothers common stock

* Projected revenues of between $4.76 billion and $5.36 billion in fy 2016

* Effective May 23, 2016, board of directors terminated prior share repurchase program

* At second-quarter end, average price of homes in backlog was $848,600, compared to $793,800 at FY 2015's second-quarter end

* Fy2016 earnings per share view $2.59, revenue view $5.01 billion -- Thomson Reuters I/B/E/S

* In q3, company projects delivering about 30% of dollar value of its q2-end backlog at an average price of between $815,000 - $835,000

* Toll brothers reports fy 2016 2nd quarter and six month results

* Q2 earnings per share $0.51

* Q2 earnings per share view $0.46 -- Thomson Reuters I/B/E/S

* Sees fy 2016 revenue $4.76 billion to $5.36 billion

* Q2 revenue $1.12 billion versus i/b/e/s view $1.04 billion Source text for Eikon: Further company coverage: )

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