Toll Brothers Sales Above Expectations As Orders Rise 18%

Toll Brothers Inc. on Tuesday posted quarterly sales that were above Wall Street's estimate. Third-quarter net earnings were $105.5 million, or 61 cents a share, up from $66.7 million, or 36 cents a share, a year ago. Revenue rose to $1.27 billion from $1.03 billion in the same period last year. Analysts polled by FactSet expected 61 cents a share in earnings on sales of $1.25 billion. Toll Brothers said orders rose 18% to 1,748 units. The company now expects fiscal year 2016 deliveries of 5,900 to 6,200 homes at an average price of between $840,000 and $850,000 for each unit.