Toll Brothers Shrugs Off Late Spring Start With Luxury Home Sales

Luxury homebuilder Toll Brothers recorded revenue of $860.4 million in its second quarter and earnings more than doubled to 35 cents a share, beating analysts’ estimates by 9 cents.
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Shrugging off fears of a housing slowdown, Toll Brothers posted 67% sales growth in its most recent quarter. The homebuilder recorded revenue of $860.4 million in its second quarter ended April. Meanwhile, earnings more than doubled to 35 cents a share, beating analysts’ estimates by 9 cents. The company managed to build more luxury homes at higher prices in its spring selling season, a quarter seen as highly profitable for companies in the home construction sector. Over the quarter, the company delivered 1,218 units, a 36% jump in volume from a year earlier. Price per home increased 22% with an average selling price of $706, 000.