Toll Brothers Inc. says its fiscal third-quarter net income rose 54 percent, partly helped by a higher tax benefit.
But the nation's biggest luxury homebuilder narrowed its full-year home delivery outlook on Wednesday as market conditions remain unstable.
Toll Brothers earned $42.1 million, or 25 cents a share, for the three months ended July 31. That compares with net income of $27.3 million, or 16 cents a share, in the prior-year period.
This beat the 4 cents a share analysts expected.
The quarter included a $38.2 million tax benefit compared with a $26.5 million benefit a year ago.
Revenue dropped 13 percent to $394.3 million from $454.2 million, missing Wall Street's $409.2 million estimate.
Toll Brothers, based in Horsham, Pa., has operations in 19 states.
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