Tags: Toll Brothers | Home Builders | Housing | Real Estate

Toll Brothers Revenue Surges as Home Selling Prices Jump

Tuesday, 25 Feb 2014 07:07 AM

Toll Brothers Inc., the largest U.S. luxury homebuilder, reported a 52 percent jump in quarterly revenue as it sold more houses at higher prices in a recovering housing market.

The company was less affected by a temporary slowdown in the U.S. housing market toward the back half of 2013 as rising mortgage rates did not hit Toll's affluent customers as much as a first-time home buyer.

Toll reported a 24 percent rise in the number of homes it finished during the first quarter ended Jan. 31. The average price of these homes jumped about 22 percent to $694,000.

However, Toll reported a 6 percent fall in orders booked during the period as a severe winter deterred buyers.

"The freezing, snowy weather of the past two months has impacted our business in the Northeast, mid-Atlantic and Midwest markets, where about 50 percent of our selling communities are located," Chief Executive Douglas Yearley said in a statement on Tuesday.

Revenue soared to $643.7 million from $424.6 million a year earlier. Net income jumped to $45.6 million, or 25 cents per share from $4.4 million, or 3 cents per share.

Toll's shares, which closed at $38.34 on the New York Stock Exchange on Monday, have gained about 16 percent in the past 12 months. The Dow Jones U.S. Homebuilders index has risen 13 percent.

© 2017 Thomson/Reuters. All rights reserved.

   
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Toll Brothers Inc., the largest U.S. luxury homebuilder,reported a 52 percent jump in quarterly revenue as it sold more houses at higher prices in a recovering housing market.
Toll Brothers,Home Builders,Housing,Real Estate
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2014-07-25
Tuesday, 25 Feb 2014 07:07 AM
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