Toll Tops Estimates as Move-up Buyers Lift Revenue

Toll Brothers Inc., the largest U.S. luxury-home builder, reported fiscal first-quarter earnings that beat analysts’ estimates as move-up buyers continued to make purchases at a time when the housing market is cooling.

Net income for the three months through Jan. 31 was $45.6 million, or 25 cents a share, compared with $4.4 million, or 3 cents, a year earlier, the Horsham, Pennsylvania-based company said today in a statement. The average estimate of 10 analysts was for earnings of 17 cents a share, according to data compiled by Bloomberg.