Toll Brothers earnings surge on tax benefit |
| MarketWatch - Dec 4, 2012 |
Toll Brothers Inc.'s /quotes/zigman/243733/quotes/nls/tol TOL -1.39% fiscal fourth-quarter earnings surged as the luxury-home builder was buoyed by a large tax benefit, while revenue rose across all regions.
Shares grew 4.8% to $33.99 in premarket trading. The stock has climbed 60% in the past year.
Toll Brothers, which caters largely to affluent move-up buyers in the Northeast and Mid-Atlantic, is considered one of the top performers in the home-building sector. The U.S. housing market has in recent months shown signs of emerging from a historic downturn.
Ahead of Toll's report, analysts at Susquehanna Financial Group noted they were watching the impact superstorm Sandy had on order pace during the quarter, given the Northeast makes up about 60% of Toll's business.
For the quarter, Toll reported that net signed contracts of $684.1 million and 1,098 units rose 75% in dollars and 70% in units versus a year ago. On a per-community basis, net signed contracts for the year were the highest for any fiscal year since 2006.
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- Posted: 2012-12-04 15:54:46
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