Toll Brothers Inc., the largest U.S. luxury-home builder, said fourth-quarter revenue increased 6 percent amid strong sales at its East Coast communities.
Homebuilding revenue for the three months ended Oct. 31 rose to $427.7 million from $402.6 million a year earlier, the Horsham, Pennsylvania-based company said today in a statement. Analysts expected Toll to have revenue of $414.2 million, the average of 15 estimates in a Bloomberg survey.
“Notwithstanding a tumultuous summer on Wall Street, the financial chaos in Europe, the budget and political crises in Washington and two major storms that hobbled our core Mid-Atlantic and Northeast markets, we saw orders increase 24 percent in dollars and 15 percent in units,” Chief Executive Officer Douglas Yearley Jr. said in the statement.
U.S. new-home purchases climbed 5.7 percent in September to a 313,000 annual pace, Commerce Department data showed Oct. 26. Increased sales in the South and West helped boost the nationwide gain.
Toll rose 7.4 percent to $19.43 at the close in New York. It has gained 2.3 percent this year, the best performance in the 12-member Standard & Poor’s Homebuilding Index.
Toll will report complete earnings on Dec. 6.