Feb 25 (Reuters) - Toll Brothers Inc, the largest U.S. luxury homebuilder, reported a 52 percent jump in quarterly revenue as it sold more houses at higher prices in a recovering housing market.
The company was less affected by a temporary slowdown in the U.S. housing market toward the back half of 2013 as rising mortgage rates did not hit Toll's affluent customers as much as a first-time home buyer.
Toll reported a 24 percent rise in the number of homes it finished during the first quarter ended Jan. 31. The average price of these homes jumped about 22 percent to $694,000.
However, Toll reported a 6 percent fall in orders booked during the period as a severe winter deterred buyers.
"The freezing, snowy weather of the past two months has impacted our business in the Northeast, mid-Atlantic and Midwest markets, where about 50 percent of our selling communities are located," Chief Executive Douglas Yearley said in a statement on Tuesday.
Revenue soared to $643.7 million from $424.6 million a year earlier. Net income jumped to $45.6 million, or 25 cents per share from $4.4 million, or 3 cents per share.
Toll's shares, which closed at $38.34 on the New York Stock Exchange on Monday, have gained about 16 percent in the past 12 months. The Dow Jones U.S. Homebuilders index has risen 13 percent.