Industry News

Toll Brothers reports record first-quarter earnings

Home builder gets boost from revenues, backlogs

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Home builder Toll Brothers Inc. reported today that first-quarter net income increased 49 percent to $163.9 million compared to first-quarter 2005. Signed contracts, at $1.14 billion, declined 21 percent in the first quarter compared to record first-quarter-2005 signed contracts. First-quarter revenues rose 35 percent to $1.34 billion, and the first-quarter backlog rose 22 percent to $5.95 billion, the company also reported. The earnings, revenue and backlog totals were first-quarter records, while contracts were the second-highest first-quarter total in the company's history. The company also reported: First-quarter earnings of 98 cents per share diluted grew 48 percent versus first-quarter-2005 earnings of 66 cents per share diluted, the previous first-quarter record. Revenues from land sales totaled $4.7 million in first-quarter 2006, compared with $1.2 million in first-quarter 2005. In addition, in the company's first-quarter 2006, unconsolidated entities in which the company had...