Toll Brothers Profit Surges, Beats Estimates

(RTTNews) - Toll Brothers Inc. (TOL) Tuesday said its third-quarter net profit increased to $193.3 million or $1.26 per share from $148.6 million or $0.87 million in the prior year.

On average, 17 analysts polled by Thomson Reuters expected the company to earn $1.03 per share. Analysts expectation usually exclude special items.

Revenue for the quarter surged 27 percent to $1.913 billion from $1.502 billion. Home deliveries were up 18 percent to 2,246 units. Wall Street was looking for $1.81 billion.

Looking ahead to the full year 2018, the company expects deliveries between 8,100 and 8,400 units with an average price of between $835,000 and $860,000. For the fourth-quarter deliveries are projected to be between 2,550 and 2,850 units with an average price of between $840,000 and $870,000.

Douglas C. Yearley, Jr., Toll Brothers' chief executive officer said record third-quarter contracts and a third-quarter-end backlog, up 22% in dollars from one year ago, indicate revenue and earnings growth in FY 2019.