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Toll Brothers quarterly revenue rises 8.8%

A construction worker climbs on the roof of a home in Boca Raton, Florida.
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A construction worker climbs on the roof of a home in Boca Raton, Florida.

Toll Brothers, the largest U.S. luxury homebuilder, reported an 8.8 percent rise in quarterly revenue as it sold homes at higher prices.

Revenue rose to $928.6 million in the first quarter ended Jan. 31, from $853.5 million, a year earlier.

The company's net income fell to $73.2 million, or 40 cents per share, from $81.3 million, or 44 cents per share, a year earlier.

Toll Brothers, whose homes can cost more than $2 million, said orders rose 17.6 percent to 1,250 homes.