Summary Box: Toll Brothers 3rd-qtr profit climbs

AP News
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Posted: Aug 24, 2011 10:46 AM
Summary Box: Toll Brothers 3rd-qtr profit climbs

THE PERFORMANCE: Luxury homebuilder Toll Brothers Inc. reported third-quarter net income of 25 cents per share on revenue of $394.3 million. Analysts surveyed by FactSet predicted earnings of 4 cents per share on revenue of $409.2 million.

THE DETAILS: Home deliveries slipped 14 percent in the quarter, while net signed contracts climbed 2 percent. Backlog increased 8 percent in dollars, and Toll Brothers' cancellation rate rose to 7.4 percent from 6.2 percent.

DELIVERIES REVISED: The company now expects to deliver between 2,475 and 2,675 homes during the year. Its previous outlook called for deliveries of 2,300 to 2,800 homes.