the republic logo

Toll Brothers tops 3Q profit and revenue expectations

bug
Share/Save/Bookmark

HORSHAM, Pennsylvania — Toll Brothers Inc.'s net income increased in its fiscal third quarter, as the luxury homebuilder delivered more homes and average sales prices rose.

But the Horsham, Pennsylvania-based company also reported on Wednesday that its new home contracts declined in the May-July quarter from a year earlier. Shares in the builder fell 4.4 percent in in afternoon trading.

Toll Brothers said completed sales vaulted 36 percent from the prior-year period to 1,444 homes, while signed contracts fell 6 percent to 1,324 homes.

In a statement, CEO Douglas Yearley noted that pent-up demand "has yet to be unleashed," but added that he still believes housing is recovering.

All told, the company reported net income of $97.7 million, or 53 cents per share, for the three months ended July 31. That compares with net income of $46.6 million, or 26 cents per share, in the prior-year period.

Revenue in the latest quarter jumped 53 percent to $1.06 billion from $689.2 million.

The results topped Wall Street expectations. The average estimate of analysts surveyed by FactSet was for earnings of 45 cents per share and revenue of $981.7 million.

Toll shares slid $1.58 to $34.05 in afternoon trading. The stock is down about 8 percent this year.

Think your friends should see this? Share it with them!

Story copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


We also have more stories about:
(click the phrases to see a list)

Category:

Follow The Republic:

All content copyright ©2014 The Republic, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.