Luxury home builder
said its second-quarter earnings rose 19%, as limited lot supplies and growing buyer demand in major metropolitan areas combined to boost revenue.
The company earned $52.5 million, or 69 cents a share, up from $25.8 million, or 58 cents a share, in the year-ago quarter. Analysts polled by Thomson Financial/First Call had been expecting 62 cents.
Revenue for the quarter was $550.5 million, 7% higher than last year's $514.5 million and ahead of the consensus estimates of $490.8 million. Homebuilding revenue was $539.1 million, up from $497.5 million last year.
In a press release, Toll Brothers said, "Our financial position continues to strengthen." Based on current demand, the company expects "record results in 2003 and 2004," but no specific guidance was offered.
Shares of Toll Brothers closed at $30.27 Tuesday before the earnings release.