HORSHAM, Pa. (AP) — Toll Brothers second-quarter profit more than doubled as the luxury homebuilder increased prices and delivered more homes.
The results topped Wall Street estimates, and its shares jumped almost 6 percent in premarket trading.
CEO Douglas C. Yearley Jr. said in a statement on Wednesday that the company's "significant expansion over the past year in key California and Texas markets will be a major source of future growth."
Yearley said demand in the last year has been solid but relatively flat compared with initial growth in 2011 when the housing market began to recover. But the executive said that this is no different than the last recovery period in the early 1990's, which also had an upswing, leveled and then saw more growth.
"We believe that we are in a similar leveling period in the early stages of the housing recovery with significant pent-up demand building," he said.
For the three months ended April 30, Toll Bros Inc. earned $65.2 million, or 35 cents per share. That's up sharply from $24.7 million, or 14 cents per share.
Continue reading this story on the...