- Toll Brothers' (TOL -0.2%) net income jumped to $45.6M from $4.4M a year earlier.
- Pretax profit rose to $71.2M from $8.3M a year earlier, boosted by $23.5M from the sale of two shopping centers in which Toll held 50% and $6.3M from land sales.
- Units delivered +24% to 928.
- Average home price increased to $694,000 from $569,000.
- Cancellation rate 7% vs 6.2%.
- Net signed contracts -6% to 916 units, hurt by the severe winter.
- Backlog +45% to $2.69B, or +31% to 3,667 units.
- Toll is optimistic about the Spring selling season, "based on solid affordability, attractive interest rates, growing pent-up demand and an industry still under-producing."
- Previous (PR)
at Investor's Business Daily (Thu, 6:12PM)