Mortgage rates help spur Toll Brothers to profit
Tight housing inventory and the pandemic helped boost home ownership demand
Kristina Partsinevelos with more on these million-dollar listings, including a $160 million home up for auction in Beverly Hills.
Toll Brothers Inc. reported higher profit and sales for the fiscal first quarter as low mortgage rates, tight housing inventory, favorable demographic trends and the pandemic helped boost homeownership demand.
TOLL BROTHERS CEO ON RISE IN LUXURY HOME SALES
The luxury homebuilder said net income was $96.5 million for the quarter ended Jan. 31, up from $56.9 million in the same period a year earlier. Earnings were 76 cents a share, compared with 41 cents a share a year ago. Analysts surveyed by FactSet expected 46 cents a share in earnings.
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Toll Brothers generated $1.56 billion in revenue, a 17% increase from the year-ago quarter. Analysts were targeting $1.34 billion. Revenues from home sales, which represent a majority of its total revenue, rose 8.7% to $1.41 billion.
Contracted homes rose nearly 60% from a year earlier to 2,874 while the contract value increased 68% to $2.51 billion.
Homebuilding deliveries rose 10% to 1,777 from last year