Toll Brothers Q3 Net Income Decreases; Revenue Down 3% - Quick Facts

(RTTNews) - Toll Brothers, Inc. (TOL), a leading builder of luxury homes, reported third quarter net income of $66.7 million, or $0.36 per share, compared to $97.7 million, or $0.53 per share, last year.

On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $0.49 for the quarter. Analysts' estimates typically exclude special items.

Revenues were $1.03 billion compared to $1.06 billion, a year ago. Analysts expected revenue of $1.05 billion for the quarter. Home building deliveries were 1,419 units; declined 2% from prior year.

Gross margin was 19.8% compared to 22.7%, previous year. Excluding interest, impairments and changes in reserves, gross margin was 25.6%, compared to 26.1%.

The company expects fourth quarter deliveries of between 1,645 and 1,945 units with an average price of between $780 thousand and $800 thousand. This range results in projected full fiscal year 2015 deliveries of between 5,350 and 5,650 units with an average delivered price of between $745 thousand and $760 thousand.