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UPDATE 1-Toll Brothers profit more than doubles on higher home prices

* Second-quarter revenue rises 67 pct to $860.4 mln

* Earnings $0.35/share vs $0.14 a year earlier

* Average selling price rises 22 pct

(Adds CEO comment, details, share price)

May 28 (Reuters) - Toll Brothers Inc, the largest U.S. luxury homebuilder, said quarterly profit more than doubled as it sold more homes at higher prices.

The company, whose homes can cost more than $2 million, has been able to perform better over the past few quarters than most large U.S. homebuilders as its buyers were less affected by a recent rise in mortgage rates.

Toll Brothers said its average selling price rose about 22 percent to $706,000 in the second quarter ended April 30.

The company received orders for 1,749 homes in the quarter, nearly unchanged from the second quarter last year.

"We are in a leveling period in the early stages of the housing recovery with significant pent-up demand building," Chief Executive Douglas Yearley said in a statement on Wednesday.

The company's net income rose to $65.2 million, or 35 cents per share, in the quarter from $24.7 million, or 14 cents per share, a year earlier.

Revenue jumped 67 percent to $860.4 million in the period -well into the spring selling season, which is to homebuilders what the holiday shopping season is to retailers.

Toll's shares closed at $35.64 on the New York Stock Exchange on Tuesday. They have dropped about 2 percent in the past year, compared with an about 7 percent drop in the Dow Jones U.S. Home Construction index.

(Reporting By Sagarika Jaisinghani and Aurindom Mukherjee in Bangalore; Editing by Gopakumar Warrier and Joyjeet Das)

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