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Toll Brothers’ revenue, home prices see big jump in third quarter
Toll Brothers reported strong third quarter results Wednesday, with net income rising 46 percent year-over-year and revenue up 41 percent, according to the Washington Post.
Toll Brothers, third quarter 2012, growth, revenue, stock, home prices, increase
Toll Brothers reported strong third quarter results Wednesday, with net income rising 46 percent year-over-year and revenue up 41 percent, according to the Washington Post. The company’s stock also reached $33.68 Wednesday morning — its highest level in more than five years — as a result.
Total revenue for the quarter was $554.3 million, exceeding analyst projections of $515.2 million. CEO Douglas Yearley reported that the luxury home builder delivered 963 units during the third quarter, a 39 percent increase year-over-year. The average price of those homes ranged from $569,000 to $576,000.
Future prospects for the company improved as well, as its backlog of homes rose 44 percent. Fourth-quarter deliveries are now projected at 800 to 1,000 units at a price of $570,000 to $590,000 per home; reaching those numbers would put 2012 home sale revenue in the $1.71 billion to $1.84 billion range.
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