Toll Brothers Tops, Builder Notes Housing Recovery

Toll Brothers added to the improving housing picture last week with results that reinvigorated confidence in a market rebound.  The homebuilder swung to a Q2 profit of 10 cents a share, beating estimates by 6 cents, as revenue rose 17% to $373.7 million, below views of $382 million. New orders jumped 47% to 1,290 units, and backlog climbed 37% to 2,403 units.  Industrywide, sales of new single-family homes rose 3.3% in April vs. March to an annualized rate of 343,000 units, the Commerce Department said. Analysts expected 335,000.  The spring selling season for Toll Brothers has been the best since the housing crash; the company predicts home deliveries this year of 2,700-3,200 units, up from 2011 deliveries of 2,611.

Investors.com

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