Toll Brothers Third-Quarter Revenue Beats Estimates

Toll Brothers Inc., the largest U.S. luxury homebuilder, reported third-quarter revenue that exceeded analysts’ estimates and said new home contracts rose over the same quarter a year ago for the first time since 2005.

The shares rose as much as 11 percent. Sales in the period ended July 31 dropped 42 percent to $461.3 million, Horsham, Pennsylvania-based Toll said today in a statement. Analysts projected revenue of $376 million.

“It does feel as if the fence-sitters are looking for reasons to jump in on the side of buying,” Chief Executive Officer Robert Toll said in the statement. “Those taking this step today have more confidence than one year ago.”

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- Posted: 2009-08-12 09:39:18

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