Profit of Home Builder Toll Bros. Up 60%
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Bloomberg News
Toll Bros. Inc., the largest U.S. builder of luxury homes, said fiscal third-quarter profit rose 60% to $59.4 million, or $1.54 a share, more than analysts expected, as lower borrowing costs boosted demand for its houses. Revenue rose 26% to $584.1 million.
Analysts surveyed by Thomson Financial/First Call expected the company to earn $1.22 a share.
Shares of Huntingdon Valley, Pa.-based Toll, which is the eighth-largest builder by revenue, rose 89 cents to $35.19 on the NYSE.
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