Toll Brothers Says Profit Jumped on Revenue, Tax Benefit

Toll Brothers Inc., the largest U.S. luxury-home builder, reported higher income than expected as it booked a deferred tax asset and home sales and orders increased.

Net income was $411.4 million, or $2.35 a share, in the three months ended Oct. 31, compared with $15 million, or 9 cents, a year earlier, Horsham, Pennsylvania-based Toll said today in a statement. The results included a net benefit of $350.7 million from adding the tax asset to its balance sheet. Net contracts jumped 70 percent.