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.
To read the rest of the story, click here.
Advertisement
Related Stories
Single-Family Homes
What Does It Cost to Build a Single-Family Home?
A closer look at the itemized costs in each stage of construction for a single-family home
Builders
A Look at the Boom in Home Builder Stocks During 2023
In 2023, stocks for the 10 biggest U.S. home builders outperformed the S&P 500. What does that say about the housing market?
Financials
Housing Demand Could Rebound in 2024 as Mortgage Rates Ease
The Mortgage Bankers Association predicts lower mortgage rates could bring homebuyers back into the market in 2024
