Toll Brothers Q1 Profit Soars, Tops View - Quick Facts

(RTTNews) - Luxury homebuilder Toll Brothers, Inc. (TOL) reported a surge in first-quarter net income to $45.6 million, or $0.25 per share, from $4.43 million, or $0.03 per share, a year before. On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.18 per share for the quarter. Analysts' estimates typically exclude special items.

For the tri-monthly period, pre-tax income totaled $71.2 million, versus the previous year's $8.3 million. The latest period's pre-tax income included $23.5 million from the sale of two shopping centers in which Toll Brothers was a 50% joint venture partner, as well as $6.3 million of gains from land sales, the company said.

Revenues for the recent quarter grew to $643.7 million from $424.6 million in the prior year quarter, whereas 17 analysts had consensus revenue estimate of $643.92 million. Home building deliveries of 928 units rose 52% in dollars and 24% in units, compared with last year.

Toll Brothers' chief executive noted: "We delivered more homes at higher prices this first quarter than one year ago. This higher delivery volume, coupled with price increases from late 2012 and early 2013, drove our first quarter growth in revenues, earnings and margins.