Toll Bros. Profit Rises 37% on Sales Increase
Toll Bros. Inc., the largest U.S. luxury home builder, said fiscal second-quarter profit rose 37% as low mortgage rates spurred an increase in sales.
Net income climbed to $72.4 million, or 89 cents a share, from $52.9 million, or 72 cents, a year earlier, the Huntingdon Valley, Pa.-based company said. Toll’s total revenue gained 35% to $819.5 million.
Analysts expected Toll to earn 87 cents a share, according to a Thomson First Call poll. The company’s stock fell 90 cents to $40.50 on the NYSE.
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