Toll Brothers Income, Sales Surge in Quarter
Horham, PA, Feb. 25, 2014 -- Luxury homebuilder Toll Brothers reported first quarter net income was $45.6 million, or $0.25 per share, compared to net income of $4.4 million, or $0.03 per share, a year ago.
Revenue soared to $643.7 million from $424.6 million a year earlier.
The company reported a backlog of $2.69 billion and 3,667 units, which was up 45% in dollars and 31% in units.
However, Toll reported a 6% fall in orders booked during the period as a severe winter deterred buyers.
"The freezing, snowy weather of the past two months has impacted our business in the Northeast, mid-Atlantic and Midwest markets, where about 50% of our selling communities are located," CEO Douglas Yearley said.