Toll Brothers posts profit
The luxury homebuilder estimates it will deliver between 2,200 and 2,800 homes in 2011.
Luxury homebuilder Toll Brothers (TOL) swung to a first-quarter profit, helped in part by an increase in the average delivery price of homes it sold.
Toll reported a profit of $3.4 million, or 2 cents per share, compared with a loss of $40.8 million, or 25 cents per share last year.
Included in the latest quarter's results was a tax benefit of $20.4 million, primarily due to the reversal of previously accrued taxes, penalties and interest, compared with a $16 million tax benefit last year.
Revenue rose 3 percent to $334.1 million in the quarter.
Analysts on average were expecting the company to post a loss of 7 cents a share on revenue of $317.2 million, according to Thomson Reuters I/B/E/S.
The average price was $586,000, up 7 percent from last year.
The company said it ended the quarter with a backlog of $825.2 million, and 1,472 units.
Toll Brothers estimates that it will deliver between 2,200 and 2,800 homes in 2011 and said the average delivered price for this year is expected to be between $540,000 and $565,000.
© 2011 Reuters Limited. All rights reserved.
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