Builder Toll Brothers More Than Doubles Income

Horsham, PA, May 28, 2014 -- Luxury homebuilder Toll Brothers said its quarterly profit more than doubled to $65.2 million from $24.7 million a year earlier.

Revenue rose 66.7% to $860.4 million in the three months ended April 30.

“Current demographics seem to suggest that new home sales should pick up,” Executive Chairman Robert Toll said in a press release. “If the tight supply bumps into increasing demand, prices could rapidly rise.”

Toll's average selling price in the quarter rose to $706,000 from $577,000 a year earlier.

The average price of new orders was $729,000 compared with $678,000 a year earlier.