HORSHAM, Pa. (AP) — Toll Brothers Inc. says its fiscal fourth-quarter net income slid 70 percent, partly because last year's quarter was helped by a large tax benefit.
Still, the performance topped analysts' expectations, and the luxury homebuilder's revenue climbed as home deliveries and net signed contracts increased.
Toll Brothers reported Tuesday that it earned $15 million, or 9 cents per share, for the three months ended Oct. 31. That compares with net income of $50.5 million, or 30 cents per share, a year earlier.
Last year's results included a $59.9 million tax benefit.
Analysts expected earnings of 5 cents per share.
Revenue rose 6 percent to $427.8 million. That beat Wall Street's $424.3 million estimate.
Home deliveries climbed 8 percent. Signed contracts increased 15 percent.
Toll Brothers is based in Horsham, Pa.