Toll Brothers reported strong third quarter results Wednesday, with net income rising 46 percent year-over-year and revenue up 41 percent, according to the Washington Post . The company’s stock also reached $33.68 Wednesday morning — its highest level in more than five years — as a result.
Total revenue for the quarter was $554.3 million, exceeding analyst projections of $515.2 million. CEO Douglas Yearley reported that the luxury home builder delivered 963 units during the third quarter, a 39 percent increase year-over-year. The average price of those homes ranged from $569,000 to $576,000.
Future prospects for the company improved as well, as its backlog of homes rose 44 percent. Fourth-quarter deliveries are now projected at 800 to 1,000 units at a price of $570,000 to $590,000 per home; reaching those numbers would put 2012 home sale revenue in the $1.71 billion to $1.84 billion range.
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