HORSHAM, Pa. (AP) — Toll Brothers third-quarter net income more than doubled as the luxury homebuilder continued to raise prices and delivered more homes.
Its results beat analysts' expectations. The stock rose before the market open on Wednesday.
The Horsham, Pennsylvania, company earned $97.7 million, or 53 cents per share, for the three months ended July 31. A year earlier it earned $46.6 million, or 26 cents per share.
This easily beat the 45 cents per share that analysts surveyed by FactSet forecast.
Revenue climbed 53 percent to $1.06 billion from $689.2 million, topping Wall Street's estimate of $981.7 million.
Toll Brothers Inc. said that the average price of homes delivered increased to $732,000 from $651,000. Backlog rose 5 percent to 4,204 units from 4,001 units. Home deliveries climbed 36 percent to 1,444 units from 1,059 units.
Toll Brothers narrowed its full-year outlook for home deliveries. The company now anticipates delivering between 5,300 and 5,500 homes. Its prior guidance was for 5,100 to 5,850 homes. The average price for homes delivered is now expected to be between $710,000 and $725,000. Previously it predicted $690,000 to $720,000.
Toll Brothers operates in 19 states. Its stock gained 14 cents to $35.77 in premarket trading about 90 minutes before the market open.