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Toll Brothers Q3 Profit Rises

Luxury home builders Toll Brothers Inc. (TL) on Tuesday reported higher profit in the third quarter, helped by higher revenues. The company's earnings came in above the Street expectations.

The company posted net income of $234.9 million or $1.87 per share in the third quarter, higher than $114.8 million or $0.90 per share in the same period last year.

On average, 15 analysts polled by Thomson Reuters expected the company to post earnings of $1.54 per share in the quarter. Analysts estimates, usually, exclude one-time items.

Quarterly home sales revenues rose 37 percent to $2.23 billion from $1.63 billion a year ago while analysts were looking for the same. Net signed contracts came in at $2.98 billion, up 35 percent from $2.21 billion in the prior year period.

Looking ahead, in the fourth quarter, the company expects to deliver 3,450 units and earn other income of $40 million. For full year 2021, the company expects to deliver 10,100 units and earn other income of $140 million.

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