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Toll Brothers 4Q Net Income Soars On Tax Benefit

Backlog, a measure of potential future revenue, rose 54 percent to 2,569 units. The cancellation rate declined to 4.6 percent from 7.9 percent.

The company's full-year net income jumped to $487.1 million, or $2.86 per share, from $39.8 million, or 24 cents per share, a year earlier. Annual revenue climbed 27 percent to $1.88 billion from $1.48 billion.

Toll Brothers anticipates delivering between 3,600 and 4,400 homes in 2013 at an average price of $595,000 to $630,000 per home.

Its shares fell 57 cents, or 1.8 percent, to close at $31.86 Tuesday. Its shares peaked for the past year at $37.08 in mid-September.

The company has operations in Arizona, California, Colorado, Connecticut, Delaware, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Texas, Virginia, and Washington

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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