Toll Brothers Inc's quarterly income more than doubled as the largest U.S. luxury homebuilder sold more homes at higher prices.
The company sold 1,444 homes in the third quarter ended July 31, up from 1,059 a year earlier. The average selling price rose 12 percent to $732,000.
Toll, whose homes can cost more than $2 million, has performed better than other U.S. homebuilders as its affluent customers have been less affected by a rise in mortgage rates over the past year.
No.1 U.S. homebuilder D.R. Horton Inc, which mainly serves first-time buyers, had to offer discounts to boost sales in some markets in its quarter ended June 30.
Toll said on Wednesday it did not offer sales incentives.
"With pent-up demand still yet to be unleashed, we are growing community count in attractive locations," Chief Executive Douglas Yearley said in a statement.
The company's net income jumped to $97.7 million, or 53 cents per share, from $46.6 million, or 26 cents per share, a year earlier.
Revenue rose 53 percent to $1.06 billion in the three months ended July 31 - a period just after the spring selling season, which is to homebuilders what the holiday shopping season is to retailers.
Up to Tuesday's close of $35.63, the stock had fallen about 4 percent this year, compared with an about 3 percent drop in the Dow Jones U.S. Home Construction index.