Reuters: Global Markets: Toll Brothers profit rises 46 percent

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Toll Brothers profit rises 46 percent May 22nd 2013, 10:49 Tweet Share this Email Print Related News D.R. Horton profit soars as U.S. housing market recovers Fri, Apr 26 2013 Wall Street jumps after recovery from Twitter-led drop Tue, Apr 23 2013 Analysis & Opinion Why dedecimalization is a bad idea Counterparties: Underwater and over-bought Related Topics Hot Stocks » Asian Markets » A vacant lot owned by Toll Brothers is shown for sale in a housing development in Broomfield, Colorado August 12, 2009. Credit: Reuters/Rick Wilking Wed May 22, 2013 6:49am EDT (Reuters) - Toll Brothers Inc (TOL.N) posted a 46 percent rise in quarterly profit as the largest U.S. luxury homebuilder sold more homes at higher prices, indicating that the housing recovery is spreading across the industry. Record-low interest rates and rising rents have encouraged people to buy homes. Ground-breaking to build new homes in the United States rose 7 percent in March to the highest level since June 2008. Toll said its quarterly orders were the highest in seven years. New orders, a key indicator for builders who do not recognize revenue until they close on a home, rose 36 percent to 1,753 homes. The value of the orders jumped 57 percent to $1.19 billion. "Buyers who have been on the sidelines for six years are jumping in," Chief Executive Douglas Yearley said in a statement. Toll Brothers, which targets high earners, said its average selling price increased 3.6 percent in the second quarter to $577,000 per home compared with a year earlier. Net income rose to $24.7 million, or 14 cents per share, from $16.9 million, or 10 cents per share, a year earlier. The profit included a pretax gain of $13.2 million. Revenue rose 38 percent to $516 million. Toll's shares, which have gained about 11 percent so far this year, closed at $36.01 on the New York Stock Exchange on Tuesday. (Reporting by Mridhula Raghavan and Bijoy Koyitty in Bangalore; Editing by Don Sebastian) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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