Toll Brothers Inc. (TOL), the largest U.S. luxury-home builder, reported earnings that were better than analysts expected after a tax benefit and demand for its move-up houses remained stronger than other segments of the market.
Net income for the third quarter ended July 31 was $42.1 million, or 25 cents a share, up from $27.3 million, or 16 cents, a year earlier, the Horsham, Pennsylvania-based company said today in a statement. Analysts expected earnings of 3 cents a share, the average of 17 estimates in a Bloomberg survey.
“Our earnings were primarily driven by a tax refund,” Chief Executive Officer Douglas Yearley Jr. said in an interview today on Bloomberg Television’s “Street Smart.” The rest of the business was little changed, “but maybe in today’s world, flat isn’t all that bad,” he said.
Full story: Toll Brothers Gains Most Since January as Profit Beats Analyst Estimates – Bloomberg.