Huntingdon Valley, PA, November 8--Luxury home builder Toll Brothers Inc.'s demand through the end of October was very strong, chairman and chief executive Robert Toll said on Wednesday, reiterating its outlook from last month.
Toll still sees net income growth of more than 30 percent in the company's 2005 fiscal year and 20 percent in 2006, he said in a statement released ahead of an investor conference scheduled for Thursday.
The company cited maturing baby boomers entering their peak earning years when it gave the same outlook on Oct. 5.
"Demand for our luxury homes has remained very strong throughout our fiscal year, which ended Oct. 31," Toll said on Wednesday. "We attributed this strong demand to spectacular demographics and our ability to open communities in lot-constrained, upscale locations."
Analysts were expecting Toll to earn $5.69 a share in fiscal 2005 and $6.48 in 2006, according to Reuters Estimates. It is expected to earn $4.46 in 2004.
