U.S. luxury homebuilder Toll Brothers reported higher-than-expected quarterly profit and revenue, helped by strong demand, and the company raised the low end of its deliveries forecast for the current year.
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Toll Brothers now expects to sell 6,700-7,500 homes in fiscal 2017, compared with its previous forecast of 6,500-7,500 units.
The company, whose homes can cost more than $2 million, said orders rose about 22 percent to 1,522 homes in the first quarter ended Jan. 31.
Orders are an indicator of future revenue for homebuilders.
The Horsham, Pennsylvania-based company's net earnings declined 3.8 percent to $70.42 million, or 42 cents per share, in the first quarter, from a year earlier.
Revenue fell to $920.73 million from $928.57 million.
Analysts on average had expected earnings of 35 cents per share on revenue of $902.49 million, according to Thomson Reuters I/B/E/S.
(Reporting by Rachit Vats in Bengaluru; Editing by Maju Samuel)