Toll Brothers Q3 Earnings Top Estimates On Better Revenue

Pennsylvania-based luxury residential complex builders, Toll Brothers, Inc. (TOL), reported a better-than-expected net income in the third quarter on Tuesday. The earnings per share topped the Street estimates on higher revenue from homes sold.

Net income reported by the company was $374.3 million, or $3.02 per share up from $199.3 million, or $1.55 per share in the same quarter last year. On average, 16 analysts polled by Thomson Reuters expected the earnings to be $2.49 per share for the quarter.

The revenue of the company also improved to $3.04 billion, up from $2.54 billion last year. The revenue was boosted primarily by an 18% increase in home sales revenue to $2.95 billion. Analyst forecast for revenue was $2.88 billion.

Douglas C. Yearley, Jr., chairman, and chief executive officer of the company, said, "We, like the rest of the industry, continue to be challenged by significant supply chain and labor constraints that are extending delivery times for our homes. Notwithstanding these issues, which we expect to continue for the foreseeable future, we project 20% revenue growth in FY 2022."

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