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Toll Brothers Earnings Rise 54 Percent on Tax Benefit

By Market News Video Staff, Wednesday, August 24, 9:52 AM ET
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Homebuilder Toll Brothers (NYSE:TOL) reported a 54% increase in third quarter earnings today, due in part to tax benefits.

Profits totaled $42.1 million, or $0.25 per share, compared to $27.3 million, or $0.16 per share, in last yearís third quarter. The per-share results came in ahead of analyst forecasts.

Revenue slid 13%, to $394.3 million, short of analyst estimates.

Toll Brothers said it signed 713 contracts in the third quarter, an increase of 2% over last yearís third quarter, although pricing was flat, at an average of $570,000 per home.

A check of its homebuilding rivals: PulteGroup (NYSE:PHM) is trading up 2.8%, while DR Horton (DHI) trades up 3.25%.

KB Home (NYSE:KBH) is trading up 2.5%, while Lennar (NYSE:LEN) trades up 1.9%.


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