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FORT WASHINGTON, Pa., Dec. 09, 2024 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) (TollBrothers.com), the nation’s leading builder of luxury homes, today announced results for its fourth quarter ended October 31, 2024. FY 2024 ’s Fourth Quarter Financial Highlights (Compared to FY 2023 ’ s Fourth Quarter): Net income and earnings per share were $475.4 million and $4.63 per diluted share, compared to net income of $445.5 million and $4.11 per diluted share in FY 2023’s fourth quarter. Pre-tax income was $621.1 million, compared to $605.0 million in FY 2023’s fourth quarter. Home sales revenues were $3.26 billion, up 10% compared to FY 2023’s fourth quarter; delivered homes were 3,431, up 25%. Net signed contract value was $2.66 billion, up 32% compared to FY 2023’s fourth quarter; contracted homes were 2,658, up 30%. Backlog value was $6.47 billion at fourth quarter end, down 7% compared to FY 2023’s fourth quarter; homes in backlog were 5,996, down 9%. Home sales gross margin was 26.0%, compared to FY 2023’s fourth quarter home sales gross margin of 27.5%. Adjusted home sales gross margin, which excludes interest and inventory write-downs, was 27.9%, compared to FY 2023’s fourth quarter adjusted home sales gross margin of 29.1%. SG&A, as a percentage of home sales revenues, was 8.3%, compared to 8.2% in FY 2023’s fourth quarter. Income from operations was $611.1 million. Other income, income from unconsolidated entities, and gross margin from land sales and other was $44.5 million. The Company repurchased approximately 1.3 million shares at an average price of $150.19 per share for a total purchase price of $200.9 million. Full FY 2024 Financial Highlights (Compared to Full FY 2023 ): Net income was $1.57 billion, and earnings per share were $15.01 diluted, compared to net income of $1.37 billion and $12.36 per share diluted in FY 2023. Net income and earnings per share included $124.1 million and $1.19, respectively, related to the sale of a parcel of land to a commercial developer in our second quarter. Excluding this gain, net income and earnings per share were $1.45 billion and $13.82 per diluted share in FY 2024. Pre-tax income was $2.09 billion, compared to $1.84 billion in FY 2023. Home sales revenues were $10.56 billion, up 7% compared to FY 2023; delivered homes were 10,813, up 13%. Net signed contract value was $10.07 billion, up 27% compared to FY 2023; contracted homes were 10,231, up 27%. Home sales gross margin was 26.6%, compared to FY 2023’s home sales gross margin of 26.9%. Adjusted home sales gross margin, which excludes interest and inventory write-downs, was 28.4%, compared to FY 2023’s adjusted home sales gross margin of 28.7%. SG&A, as a percentage of home sales revenues, was 9.3%, compared to 9.2% in FY 2023. Income from operations was $2.04 billion. Other income, income from unconsolidated entities, and gross margin from land sales and other was $258.0 million. The Company repurchased approximately 4.9 million shares at an average price of $127.79 per share for a total purchase price of $627.9 million Douglas C. Yearley, Jr., chairman and chief executive officer, stated: “I am very pleased with our fourth quarter results, which cap the strongest year ever for Toll Brothers. For the full year, we generated a record $10.6 billion of home sales revenue, earned $15.01 per diluted share and grew contracts by 27% in both units and dollars. In the fourth quarter, we delivered 3,431 homes and generated $3.3 billion in home sales revenues, up 25% in units and 10% in dollars compared to last year’s fourth quarter. Our fourth quarter adjusted gross margin was 27.9%, beating guidance by 40 basis points, and our SG&A expense was 8.3% of home sales revenues, or 30 basis points better than guidance. Our strong margin performance and better than projected home sales revenues drove earnings of $4.63 per diluted share in the quarter, up 13% compared to last year. We also signed 2,658 net contracts at an average price of $1,000,000, up 30% in units and 32% in dollars compared to last year’s fourth quarter. Our performance this year and in the fourth quarter demonstrates the power of our luxury brand, the financial strength of our buyers, and the success of our strategies of increasing our spec home production and widening our geographies, price points and product lines. “Since the start of our fiscal 2025 six weeks ago we have seen strong demand, which is encouraging as we approach the beginning of the spring selling season in mid-January. We are well positioned with communities in over 60 markets across 24 states featuring the widest offering of luxury homes and serving the most affluent customers in our industry. Last year, we increased community count by 10% and are targeting a similar increase in fiscal 2025. We also owned or controlled approximately 74,700 lots at year end, providing sufficient land for further growth in fiscal 2026 and beyond. “In fiscal 2024, we generated a return on beginning equity of 23.1%, driven by our record earnings and strong cash flows that allowed us to return approximately $720 million of capital to shareholders. Our healthy balance sheet, low leverage, and ample liquidity, including significant projected cash flows from operations in fiscal 2025, should allow us to continue investing in our business while returning cash to shareholders well into the future.” Additional Information: The Company ended its FY 2024 fourth quarter with $1.30 billion in cash and cash equivalents, compared to $1.30 billion at FYE 2023 and $893.4 million at FY 2024’s third quarter end. At FY 2024 fourth quarter end, the Company also had $1.77 billion available under its $1.96 billion revolving credit facility, which is scheduled to mature in February 2028 . On October 25, 2024, the Company paid its quarterly dividend of $0.23 per share to shareholders of record at the close of business on October 11, 2024. Stockholders’ equity at FY 2024 fourth quarter end was $7.67 billion, compared to $6.80 billion at FYE 2023. FY 2024’s fourth quarter-end book value per share was $76.87 per share, compared to $65.49 at FYE 2023. The Company ended its FY 2024’s fourth quarter with a debt-to-capital ratio of 27.0%, compared to 27.6% at FY 2024’s third quarter end and 29.6% at FYE 2023. The Company ended FY 2024’s fourth quarter with a net debt-to-capital ratio (1) of 15.3%, compared to 19.6% at FY 2024’s third quarter end, and 17.7% at FYE 2023. The Company ended FY 2024’s fourth quarter with approximately 74,700 lots owned and optioned, compared to 72,700 one quarter earlier, and 70,700 one year earlier. Approximately 45% or 34,000, of these lots were owned, of which approximately 19,400 lots, including those in backlog, were substantially improved. In the fourth quarter of FY 2024, the Company spent approximately $258.6 million on land to purchase approximately 1,910 lots. The Company ended FY 2024’s fourth quarter with 408 selling communities, compared to 404 at FY 2024’s third quarter end and 370 at FY 2023’s fourth quarter end. (1) See “Reconciliation of Non-GAAP Measures” below for more information on the calculation of the Company’s net debt-to-capital ratio. Toll Brothers will be broadcasting live via the Investor Relations section of its website, investors.TollBrothers.com, a conference call hosted by chairman and chief executive officer Douglas C. Yearley, Jr. at 8:30 a.m. (ET) Tuesday, December 10, 2024, to discuss these results and its outlook for the first quarter and FY 2025. To access the call, enter the Toll Brothers website, click on the Investor Relations page, and select “Events & Presentations.” Participants are encouraged to log on at least fifteen minutes prior to the start of the presentation to register and download any necessary software. The call can be heard live with an online replay which will follow. ABOUT TOLL BROTHERS Toll Brothers, Inc., a Fortune 500 Company, is the nation’s leading builder of luxury homes. The Company was founded 57 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Indiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, insurance, smart home technology, and landscape subsidiaries. The Company also develops master-planned and golf course communities as well as operates its own lumber distribution, house component assembly, and manufacturing operations. In 2024, Toll Brothers marked 10 years in a row being named to the Fortune World’s Most Admired CompaniesTM list and the Company’s Chairman and CEO Douglas C. Yearley, Jr. was named one of 25 Top CEOs by Barron’s magazine. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit TollBrothers.com. Toll Brothers discloses information about its business and financial performance and other matters, and provides links to its securities filings, notices of investor events, and earnings and other news releases, on the Investor Relations section of its website (investors.TollBrothers.com). From Fortune, ©2024 Fortune Media IP Limited. All rights reserved. Used under license. FORWARD-LOOKING STATEMENTS Information presented herein for the fourth quarter ended October 31, 2024 is subject to finalization of the Company’s regulatory filings, related financial and accounting reporting procedures and external auditor procedures. This release contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these statements by the fact that they do not relate to matters of a strictly historical or factual nature and generally discuss or relate to future events. These statements contain words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “may,” “can,” “could,” “might,” “should,” “likely,” “will,” and other words or phrases of similar meaning. Such statements may include, but are not limited to, information and statements regarding: expectations regarding inflation and interest rates; the markets in which we operate or may operate; our strategic priorities; our land acquisition, land development and capital allocation priorities; market conditions; demand for our homes; our build-to-order and spec home strategy; anticipated operating results and guidance; home deliveries; financial resources and condition; changes in revenues; changes in profitability; changes in margins; changes in accounting treatment; cost of revenues, including expected labor and material costs; selling, general, and administrative expenses; interest expense; inventory write-downs; home warranty and construction defect claims; unrecognized tax benefits; anticipated tax refunds; sales paces and prices; effects of home buyer cancellations; growth and expansion; joint ventures in which we are involved; anticipated results from our investments in unconsolidated entities; our ability to acquire or dispose of land and pursue real estate opportunities; our ability to gain approvals and open new communities; our ability to market, construct and sell homes and properties; our ability to deliver homes from backlog; our ability to secure materials and subcontractors; our ability to produce the liquidity and capital necessary to conduct normal business operations or to expand and take advantage of opportunities; and the outcome of legal proceedings, investigations, and claims. Any or all of the forward-looking statements included in this release are not guarantees of future performance and may turn out to be inaccurate. This can occur as a result of incorrect assumptions or as a consequence of known or unknown risks and uncertainties. The major risks and uncertainties – and assumptions that are made – that affect our business and may cause actual results to differ from these forward-looking statements include, but are not limited to: the effect of general economic conditions, including employment rates, housing starts, inflation rates, interest and mortgage rates, availability of financing for home mortgages and strength of the U.S. dollar; market demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions; the availability of desirable and reasonably priced land and our ability to control, purchase, hold and develop such land; access to adequate capital on acceptable terms; geographic concentration of our operations; levels of competition; the price and availability of lumber, other raw materials, home components and labor; the effect of U.S. trade policies, including the imposition of tariffs and duties on home building products and retaliatory measures taken by other countries; the effects of weather and the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters, and the risk of delays, reduced consumer demand, unavailability of insurance, and shortages and price increases in labor or materials associated with such natural disasters; risks arising from acts of war, terrorism or outbreaks of contagious diseases, such as Covid-19; federal and state tax policies; transportation costs; the effect of land use, environment and other governmental laws and regulations; legal proceedings or disputes and the adequacy of reserves; risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, indebtedness, financial condition, losses and future prospects; the effect of potential loss of key management personnel; changes in accounting principles; risks related to unauthorized access to our computer systems, theft of our and our homebuyers’ confidential information or other forms of cyber-attack; and other factors described in “Risk Factors” included in our Annual Report on Form 10-K for the year ended October 31, 2023 and in subsequent filings we make with the Securities and Exchange Commission (“SEC”). Many of the factors mentioned above or in other reports or public statements made by us will be important in determining our future performance. Consequently, actual results may differ materially from those that might be anticipated from our forward-looking statements. Forward-looking statements speak only as of the date they are made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. For a further discussion of factors that we believe could cause actual results to differ materially from expected and historical results, see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K filed with the SEC and in subsequent reports filed with the SEC. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995, and all of our forward-looking statements are expressly qualified in their entirety by the cautionary statements contained or referenced in this section. Inventory at October 31, 2024 and October 31, 2023 consisted of the following (amounts in thousands): (1) Includes the allocated land and land development costs associated with each of our model homes in operation. Toll Brothers operates in the following five geographic segments, with operations generally located in the states listed below: North: Connecticut, Delaware, Illinois, Massachusetts, Michigan, New Jersey, New York and Pennsylvania Mid-Atlantic: Georgia, Maryland, North Carolina, Tennessee and Virginia South: Florida, South Carolina and Texas Mountain: Arizona, Colorado, Idaho, Nevada and Utah Pacific: California, Oregon and Washington Note: Due to rounding, amounts may not add. Unconsolidated entities: Information related to revenues and contracts of entities in which we have an interest for the three-month and twelve-month periods ended October 31, 2024 and 2023, and for backlog at October 31, 2024 and 2023 is as follows: RECONCILIATION OF NON-GAAP MEASURES This press release contains, and Company management’s discussion of the results presented in this press release may include, information about the Company’s adjusted home sales gross margin, adjusted net income, adjusted diluted earnings per share and the Company’s net debt-to-capital ratio. These four measures are non-GAAP financial measures which are not calculated in accordance with generally accepted accounting principles (“GAAP”). These non-GAAP financial measures should not be considered a substitute for, or superior to, the comparable GAAP financial measures, and may be different from non-GAAP measures used by other companies in the home building business. The Company’s management considers these non-GAAP financial measures as we make operating and strategic decisions and evaluate our performance, including against other home builders that may use similar non-GAAP financial measures. The Company’s management believes these non-GAAP financial measures are useful to investors in understanding our operations and leverage and may be helpful in comparing the Company to other home builders to the extent they provide similar information. Adjusted Home Sales Gross Margin The following table reconciles the Company’s home sales gross margin as a percentage of home sales revenues (calculated in accordance with GAAP) to the Company’s adjusted home sales gross margin (a non-GAAP financial measure). Adjusted home sales gross margin is calculated as (i) home sales gross margin plus interest recognized in home sales cost of revenues plus inventory write-downs recognized in home sales cost of revenues divided by (ii) home sales revenues. The Company’s management believes adjusted home sales gross margin is a useful financial measure to investors because it allows them to evaluate the performance of our home building operations without the often varying effects of capitalized interest costs and inventory impairments. The use of adjusted home sales gross margin also assists the Company’s management in assessing the profitability of our home building operations and making strategic decisions regarding community location and product mix. Forward-looking Adjusted Home Sales Gross Margin The Company has not provided projected first quarter and full FY 2025 home sales gross margin or a GAAP reconciliation for forward-looking adjusted home sales gross margin because such measure cannot be provided without unreasonable efforts on a forward-looking basis, since inventory write-downs are based on future activity and observation and therefore cannot be projected for the first quarter and full FY 2025. The variability of these charges may have a potentially unpredictable, and potentially significant, impact on our first quarter and full FY 2025 home sales gross margin. Adjusted Net Income and Diluted Earnings Per Share Reconciliation The following table reconciles the Company’s net income and earnings per share (calculated in accordance with GAAP) to the Company’s adjusted net income and diluted earnings per share (a non-GAAP financial measure). Net Debt-to-Capital Ratio The following table reconciles the Company’s ratio of debt to capital (calculated in accordance with GAAP) to the Company’s net debt-to-capital ratio (a non-GAAP financial measure). The net debt-to-capital ratio is calculated as (i) total debt minus mortgage warehouse loans minus cash and cash equivalents divided by (ii) total debt minus mortgage warehouse loans minus cash and cash equivalents plus stockholders’ equity. The Company’s management uses the net debt-to-capital ratio as an indicator of its overall leverage and believes it is a useful financial measure to investors in understanding the leverage employed in the Company’s operations. CONTACT: Gregg Ziegler (215) 478-3820 gziegler@tollbrothers.com A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3a0456db-a1d7-41b3-b790-3e0a1448ad2b
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(The Center Square) – Paula Scanlan is hopeful the narrative around gender ideology is shifting, especially as Republicans prepare for majorities in both chambers of the 119th Congress and a seat in the White House. “I am hopeful that with the majorities now that we will be able to get across the finish line,” Scanlan told The Center Square on Thursday, speaking of more legislation on the way to protect women's spaces. “Obviously, this goes beyond sports ... So ideally, I think that the biggest thing would be to federally pass something that says this is what a woman is.” Scanlan a day earlier was part of a panel where U.S. Sen. Roger Marshall, R-Kan., announced that Republicans plan to soon introduce legislation to “protect children from transgender medical procedures.” A report from the advocacy group Do No Harm released four weeks before Election Day included documented evidence of such activity being performed on a 7-year-old . “We’ll be introducing the STOP Act soon,” said Marshall . “We are going to use the Commerce Act to punish people who perform any type of surgery, or who use any type of medications on minors.” STOP is an acronym for Safeguarding the Overall Protection of Minors. The panel said that the legislation is an important and necessary step to protect children. Scanlan and Marshall, a host with the American Principles Project, were on the panel alongside U.S. Sen. Tommy Tuberville, R-Ala.; U.S. Rep. Mary Miller, R-Ill.; Terry Schilling, president of the American Principles Project; and Sarah Parshall Perry, senior legal fellow at the Heritage Foundation. “We all know by now that so-called gender affirming care is anything but caring,” Tuberville said. “It is pure insanity and has caused irreversible damage to countless children. This isn’t about politics, this is about good and evil.” Scanlan is an ambassador for Independent Women's Voice and a former collegiate swimmer at the University of Pennsylvania. Swimming for the Quakers, she and teammates endured being not only on the same team but in the same locker room as a swimmer who for the first three years swam on the men's team. “I was a swimmer at the University of Pennsylvania and the administration, the university and the NCAA said , ‘Here's a man who wants to swim on your team, please accept him,’” she explained during the panel. “This entire situation really made all female athletes feel isolated and alone, and like they know where to go.” Scanlan said that it wasn’t just competing that isolated the female athletes. “Eighteen times per week, my teammates and I were forced to undress next to a 6-foot-4, fully-intact male,” Scanlan said. “As a female athlete, this was just something I couldn't even imagine. It was something I never imagined would happen to me when I went off to college.” The STOP Act is one of a few beginnings. U.S. Rep. Nancy Mace, R-S.C., has proposed legislation seeking to protect women’s spaces on all federal property nationwide. This would include bathrooms, locker rooms and prisons. Scanlan said this shows that public opinion is on the side of her and the panel. “This is really the first time we're seeing more of these people in power stepping up and actually doing the right thing and saying enough is enough” she said. “Now, we are looking at entire teams that are feeling empowered to be able to boycott ... or object to competing against males. It's widespread.” A notable case of that is San Jose State, where Blaire Fleming's participation has led to seven opponents forfeiting rather than playing a women's team that includes a man saying he is a woman. Tuberville and Marshall emphasized they believe the majority of Americans would agree with the proposed legislation. "The American people are sick of this nonsense," Tuberville said . "It’s time we restore some sanity and get common sense back in this country." Scanlan said that while she supports the national legislation Republicans are considering, it is important for states to also continue to pass legislation. “I always remind people who are really excited about having a presidency that we don't know what might happen in four years," she said. "So, of course, it's also important to codify this in states. We are going to continue our efforts. There's still a lot of work to be done, and I don't really see it as a win until we've finished this on the state level.”In conclusion, the proposal to exempt ordinary residential properties from land value-added tax in Henan is a bold and potentially beneficial move for homeowners and the real estate market in the province. However, it is essential for the government to proceed with caution and take into consideration the potential risks and challenges that may arise from this policy. By actively seeking feedback and engaging with stakeholders, the authorities can work towards a more sustainable and prosperous housing market for the future.
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2024’s top 10 climate disasters cost more than 200 billion dollars, charity says
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The 10 costliest climate disasters in 2024 racked up damage totalling more than 200 billion US dollars, Christian Aid has warned. A report from the charity on hurricanes, floods, typhoons and storms influenced by climate change warns that the top 10 disasters each cost more than 4 billion US dollars in damage (£3.2 billion). The figures are based mostly on insured losses, so the true costs are likely to be even higher, Christian Aid said, as it called for action to cut greenhouse gas emissions and finance for poor countries to cope with climate change. Politicians who “downplay the urgency of the climate crisis only serve to harm their own people and cause untold suffering around the world”, climate expert Joanna Haigh said. While developed countries feature heavily in the list of costliest weather extremes, as they have higher property values and can afford insurance, the charity also highlighted another 10 disasters which did not rack up such costs but were just as devastating, often hitting poorer countries. Most extreme weather events show “clear fingerprints” of climate change, which is driving more extreme weather events, making them more intense and frequent, experts said. The single most costly event in 2024 was Hurricane Milton, which scientists say was made windier, wetter and more destructive by global warming, and which caused 60 billion US dollars (£48 billion) of damage when it hit the US in October. That is closely followed by Hurricane Helene, which cost 55 billion US dollars (£44 billion) when it hit the US, Mexico and Cuba just two weeks before Milton in late September. The US was hit by so many costly storms throughout the year that even when hurricanes are removed, other storms cost more than 60 billion US dollars in damage, the report said. Three of the costliest 10 climate extremes hit Europe, including the floods from Storm Boris which devastated central European countries in September and deadly flooding in Valencia in October which killed 226 people. In other parts of the world, floods in June and July in China killed 315 people and racked up costs of 15.6 billion US dollars (£12.4 billion), while Typhoon Yagi, which hit south-west Asia in September, killed more than 800 people and cost 12.6 billion dollars (£10 billion). Events which were not among the most costly in financial terms but which have still been devastating include Cyclone Chido which hit Mayotte in December and may have killed more than 1,000 people, Christian Aid said. Meanwhile, heatwaves affected 33 million people in Bangladesh and worsened the humanitarian crisis in Gaza, flooding affected 6.6 million people in West Africa and the worst drought in living memory affected more than 14 million in Zambia, Malawi, Namibia and Zimbabwe, the charity said. Christian Aid chief executive Patrick Watt said: “There is nothing natural about the growing severity and frequency of droughts, floods and storms. “Disasters are being supercharged by decisions to keep burning fossil fuels, and to allow emissions to rise. “And they’re being made worse by the consistent failure to deliver on financial commitments to the poorest and most climate-vulnerable countries. “In 2025 we need to see governments leading, and taking action to accelerate the green transition, reduce emissions, and fund their promises.” Dr Mariam Zachariah, World Weather Attribution researcher who analyses extreme events in near-real time to discern the role of climate change, at Imperial College London, said: “This report is just a snapshot of climate devastation in 2024. “There are many more droughts, heatwaves, wildfires and floods not included that are becoming more frequent and intense. “Most of these disasters show clear fingerprints of climate change. “Extreme weather is clearly causing incredible suffering in all corners of the world. Behind the billion-dollar figures are lost lives and livelihoods.” And Prof Haigh, emeritus professor of atmospheric physics at Imperial College London, said: “The economic impact of these extreme weather events should be a wake-up call. “The good news is that ever-worsening crises doesn’t have to be our long-term future. “The technologies of a clean energy economy exist, but we need leaders to invest in them and roll them out at scale.” The 10 costliest climate disasters of 2024 were: – US storms, December to January, more than 60 billion US dollars; – Hurricane Milton in the US, October 9-13, 60 billion US dollars (£48 billion); – Hurricane Helene in the US, Mexico, Cuba, 55 billion US dollars (£44 billion); – China floods, June 9-July 14, 15.6 billion US dollars (£12.4 billion); – Typhoon Yagi, which hit south-west Asia from September 1 to 9, 12.6 billion US dollars (£10 billion); – Hurricane Beryl, in the US, Mexico and Caribbean islands from July 1-11, 6.7 billion US dollars (£5.3 billion); – Storm Boris in central Europe, September 12-16, 5.2 billion US dollars (£4.1 billion); – Rio Grande do Sul floods in Brazil, April 28-May 3, 5 billion US dollars (£4 billion); – Bavaria floods, Germany, June 1-7, 4.45 billion US dollars (£3.5 billion); – Valencia floods, Spain, on October 29, 4.22 billion US dollars (£3.4 billion).$100 Invested In Alnylam Pharmaceuticals 20 Years Ago Would Be Worth This Much Today
Nevada, a state known for its picturesque landscapes and tourist attractions, was struck by a powerful 5.7 magnitude earthquake on Friday morning, sending shockwaves across the region. The epicenter of the earthquake was located approximately 10 kilometers deep, causing widespread panic and concern among residents and visitors alike.