Reply #20: Toll Brothers profit jumps 56 percent

[UpInArms]

Luxury home builder says 2005 profit will beat estimates

http://msnbc.msn.com/id/5817063/

NEW YORK - Toll Brothers Inc., a U.S. builder of luxury homes, said on Wednesday third- quarter profit rose 56 percent, easily beating analysts’ forecasts, helped by record home- building revenue.

The Huntingdon Valley, Pennsylvania-based company also said it expects fiscal 2005 profit to exceed analysts’ forecasts, helped by a record backlog of new home orders.

Toll said net income for the quarter which ended July 31 rose to $106.02 million, or $1.31 per share, from $68.16 million, or 90 cents per share, a year earlier.

It said revenue rose 46 percent to $1.01 billion, including $991.3 million from the construction of 1,684 homes. New contracts rose 69 percent to $1.6 billion, representing 2,329 homes.

The company also said it ended the quarter with a record backlog of $4.3 billion, representing 6,856 homes.

Based on that backlog and current demand, Toll said it expects to build 7,700 to 8,000 homes in fiscal 2005, with an average price exceeding $600,000.

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