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Toll Brothers Beats Estimates on Profit, Misses on Revenue

5/27/15 11:54 AM EDT
Toll Brothers (TOL) reported earnings on Wednesday that beat analyst estimates. The biggest luxury home builder in the U.S. raised its average selling price forecast for 2015. Lower tax provisions gave the company's declining revenue numbers a boost and analysts appear to have a positive outlook on the state of the U.S. housing market. Toll Brothers reported earnings of $0.37 per share, up from last year's $0.35 per share and beating analyst estimates of $0.35. Revenue was down one percent to $852.58 million, missing estimates of $861.15 million. The average price of new home orders increased around 12.5 percent to $826,000. The latest government data showed that home sales were up and increasing numbers of Americans are investing in home renovations following a harsh east Coast winter.
Stocks in this video: TOL
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