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Toll Brothers Impresses With 46% Jump in 3Q Net

Toll Brothers (NYSE:TOL) beat the Street on Wednesday with a 46% leap in fiscal third-quarter profits and a 57% surge in new orders as the luxury home builder capitalized on the improving housing market.Wall Street cheered the stronger-than-expected results, sending Toll Brothers' shares jumping about 5%.The company said it earned $61.6 million, or 36 cents a share, last quarter, compared with a profit of $42.1 million, or 25 cents a share, a year earlier. Analysts had been calling for EPS of 18 cents a share.Revenue soared 41% to $554.3 million, easily topping the Street's view of $510 million."We are enjoying the most sustained demand we've experienced in over five years," CEO Douglas Yearley said in a statement.Toll Brothers said with three weeks of the fourth quarter in the books, non-binding reservation deposits, a precursor to future contracts, were up 59% year-over-year."Customers who have postponed buying for a number of years are moving into the market. With an industry-wide s...

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