Pursuits
Toll Brothers Reports Surprise Profit on Cost Improvements
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Toll Brothers Inc., the largest U.S. luxury-home builder, reported an unexpected first-quarter profit as the company increased revenue, cut costs and reduced property impairments.
Net income for the three months ended Jan. 31 was $3.4 million, or 2 cents a share, compared with a loss of $40.8 million, or 25 cents, a year earlier, the Horsham, Pennsylvania-based company said in a statement today. Analysts projected a loss of 8 cents a share, the average of 16 estimates in a Bloomberg survey.