News Summary: Toll Brothers 4Q profit rises
THE PERFORMANCE: Luxury homebuilder Toll Brothers Inc. said Tuesday that its fourth-quarter net income jumped to $2.35 per share, buoyed by a hefty income tax benefit. Adjusted earnings were 35 cents per share. Analysts polled by FactSet forecast adjusted earnings of 25 cents per share.
REVENUE SURGE: Revenue rose 48 percent to $632.8 million. Analysts expected $565.1 million.
HOME SWEET HOME: Homebuilding deliveries climbed 44 percent to 1,088 units, while net signed contracts jumped 70 percent to 1,098 units. Backlog, a measure of potential future revenue, rose 54 percent to 2,569 units. The company's cancellation rate declined to 4.6 percent from 7.9 percent.