Toll Brothers Swings to First-Quarter Profit

Horsham, PA, Feb. 20, 2013 -- Luxury home builder Toll Brothers reported first quarter net income of $4.4 million, or $0.03 per share, compared to a net loss of $2.8 million, or $0.02 per share, a year ago.

Toll reported revenues of $424.6 million and homebuilding deliveries of 746 units, up 32% in both dollars and units compared to the first quarter last year.

However, the average home price declined to $569,000 from $582,000 in last year's fourth quarter and $571,000 in the first quarter a year ago.

Toll said it had a backlog of $1.86 billion and 2,796 units, up 66% in dollars and 57% in units, compared to a year ago.

Toll said it is also getting into other housing areas to diversify, including rental apartments and student housing apartments.