Builder Toll Brothers Sees Surge in Orders
Horsham, PA, May 22, 2013 -- Luxury home builder Toll Brothers said second quarter net income rose to $24.7 million, or $0.14 per share, from $16.9 million, or $0.10 per share, a year earlier.
Revenue rose 38% to $516 million.
Toll said its quarterly orders were the highest in seven years. New orders rose 36% to 1,753 homes.
"Buyers who have been on the sidelines for six years are jumping in," Chief Executive Douglas Yearley said in a press release.
The firm said its average selling price increased 3.6% in the second quarter to $577,000 per home compared with a year earlier.