Toll Brothers Reports Jump in Sales

Horsham, PA, Aug. 21, 2013 --  Luxury homebuilder Toll Brothers reported a 24% increase in third quarter revenue.

However, order growth at Toll slowed to 26% in the third quarter ended July 31 from 36% in the second and 49% in the first quarter.

Toll said its average selling price rose 13% to $651,000.

"We believe the recovery is real and we are in the early stages of the rebound," Toll Chief Executive Douglas Yearley said in a press release.

Net income fell to $46.6 million, or $0.26 per share, from $61.6 million, or $0.36 per share, a year earlier, on a tax expense. Revenue rose 24% to $689.2 million.