Toll Reports First Profit Since 2007 on Tax Benefit

Toll Brothers Inc., the largest U.S. luxury homebuilder, unexpectedly reported its first quarterly profit since 2007 after a tax benefit and drop in writedowns.

Net income for the third quarter through July was $27.3 million, or 16 cents a share, compared with a loss of $472.3 million, or $2.93, a year earlier, the Horsham, Pennsylvania- based company said in a statement today. Analysts predicted a loss of 16 cents a share, according to the average of 12 estimates in a Bloomberg survey.