Toll Brothers performs better than expected

Toll Brothers, the largest U.S. luxury-home builder, rose to a five-year high after reporting a better-than-estimated profit and an increase in revenue for the fiscal third-quarter.

Net income was $61.6 million, or 36 cents a share, for the three months ended July 31, compared with $42.1 million, or 25 cents, a year earlier, the Horsham, Pa.-based company said today in a statement.

The average estimate of 18 analysts in a Bloomberg survey was for earnings of 18 cents a share. The year-earlier results included a $38.2 million tax benefit.

“Top to bottom, this result was easily the best we’ve seen in the industry this quarter,“ Stephen East, an analyst with International Strategy & Investment Group LLC in Saint Charles, Missouri, wrote in a note today. “The luxury market has been one of the best, if not the best segment in housing.“

Read Full Article from The Star-Ledger

- Posted: 2012-08-22 15:40:41

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