Toll Brothers Profit, Revenue Beat Expectations

U.S. luxury homebuilder Toll Brothers reported higher-than-expected quarterly profit and revenue, helped by strong demand, and the company raised the low end of its deliveries forecast for the current year.

Toll Brothers now expects to sell 6,700-7,500 homes in fiscal 2017, compared with its previous forecast of 6,500-7,500 units.

The company, whose homes can cost more than $2 million, said orders rose about 22 percent to 1,522 homes in the first quarter ended Jan. 31.

Orders are an indicator of future revenue for homebuilders.

The Horsham, Pennsylvania-based company's net earnings declined 3.8 percent to $70.42 million, or 42 cents per share, in the first quarter, from a year earlier.

Revenue fell to $920.73 million from $928.57 million.

Analysts on average had expected earnings of 35 cents per share on revenue of $902.49 million, according to Thomson Reuters I/B/E/S.

(Reporting by Rachit Vats in Bengaluru; Editing by Maju Samuel)