More on Toll Brothers FQ1: Asset sales boost profit

|About: Toll Brothers Inc. (TOL)|By:, SA News Editor

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."

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