Industry News

Luxury home builder’s contracts rise 19%

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Luxury home builder Toll Brothers in its preliminary earnings release today reported record third-quarter and nine-month results for home-building revenues, backlog and contracts for the period ended July 31. The results are preliminary and unaudited, and the company said it will announce final totals on Aug. 25. The home builder said third-quarter contracts increased 19 percent to $1.92 billion compared with last year. Revenues for the first nine months of the company's fiscal year are 57 percent higher than last year's record total, Robert Toll, chairman and CEO of Toll Brothers, said in a statement. The company expects about 70 percent net income growth in fiscal year 2005, he said. Toll Brothers ended the quarter with 230 selling communities, he said. "Demand for our luxury homes remains strong. Since FY 2000 we have more than tripled our contracts, as tremendous demographics, increasing affluence, product diversification and geographic expansion continue to fuel our growth,...