Builder Toll Brothers Reports Higher Net Income

Horsham, PA, Aug. 24, 2011 -- Luxury home builder Toll Brothers reported fiscal third-quarter net income rose 54% on 13% lower revenue.

Toll reported profit of $42.1 million, or $0.25 a share, in the quarter ended July 31, up from $27.3 million, or $0.16 a year ago.

Revenue fell to $394.3 million from $454.2 million.

The results included tax benefits of $38.2 million in the latest quarter and $26.5 million a year earlier.

"Our sales are gaining some traction, but consumer confidence is still weak and the housing sector remains in a fragile state," Executive Chairman Robert I. Toll said in a press release.