Toll Brothers Q3 Earnings More Than Double; Results Exceed Estimates

(RTTNews) - Luxury home builder Toll Brothers, Inc. (TOL) Wednesday reported third-quarter earnings which increased, as revenue grew on higher prices and home deliveries. Both earnings and revenues also topped analysts' estimates.

For the three months to July, net earnings totaled $97.7 million or $0.53 per share, up from $46.6 million or $0.26 per share a year earlier.

Twenty analysts polled by Thomson-Reuters had a consensus earnings estimate of $0.45. Analysts' estimates typically exclude one-time items.

Quarterly revenues surged to $1.06 billion, from $689.16 million last year, above the $987.24 million Wall Street expected.

Home-building deliveries rose 36 percent to 1,444 units from 1,059 units a year ago. Average price of home grew to $732,000 from $651,000 a year earlier.

For the full year, the company narrowed its deliveries guidance to between 5,300 and 5,500 homes from the previously projected range of 5,100 to 5,850. Toll Brothers expects annual home sales revenue of $3.76 billion and $3.99 billion.