Toll Brothers profit falls less than expected
The company’s orders jumped 26.4% to 2,833 homes in the third quarter
Stocks impacted: Toll Brothers Inc (TOLL)
The US luxury homebuilder announced results for its third quarter ended July 31, 2020. Quarterly profit fell by 21.6%, as coronavirus-led lockdowns hurt home prices. However, the result was better than expected while the company’s orders jumped 26.4% to 2,833 homes in the third quarter, also beating analysts' expectation of 2,051 homes. Meanwhile, net income fell to $114.8 million, or 90 cents per share from $146.3 million, or $1 per share, a year earlier. Revenue fell 6.5% to US$1.65 billion. The firm expects current quarter home deliveries between 2,400 and 2,550 units. As a reminder, Toll Brothers withdrew its full-year financial outlook in May. The company’s shares added over 15% since the beginning of the year, outperforming the broader market. After the report was announced, Toll Brothers shares rose 0.81%.
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