Toll Brothers (NYSE:TOL) announced that it earned $4.4 million, or 3 cents per share, during its first fiscal quarter, versus a loss of $2.8 million, or two cents per share, in the same quarter last year. Revenue increased by 32 percent to $424.6 million from $322 million. The number of homes delievered increased by 32 percent to 746 units, while the average price per home fell by one percent from $571,000 to $569,000.
Shares are lower in early trading.
Last month, rival homebuilder Lennar (NYSE:LEN) announced that profit for the fourth quarter quadrupled to $124.3 million, or 56 cents per share, versus $30.3 million, or 16 cents per share, in the same period last year.
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