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Homebuilder boosts 2005 forecast

Wednesday, Feb. 23, 2005 | 11:09 a.m.

BLOOMBERG NEWS

Toll Brothers Inc., the largest U.S. builder of luxury houses, raised its profit forecast for this year after fiscal first-quarter earnings more than doubled.

Net income for the three months ended Jan. 31 rose to $110.2 million, or $1.33 a share, from $50.1 million, or 62 cents, a year earlier, the Huntingdon Valley, Pa.-based company said in a statement today. Toll estimated profit growth of 60 percent for this year, an increase from a previous forecast of 40 percent.

Toll Brothers builds luxury homes in Las Vegas and Reno. This year the company expects to close 301 homes in Las Vegas and in Reno it plans to close 101 homes, with total sales volume of $280 million, Gary Mayo, division manager of Toll Brothers, said in an interview last month.

U.S. homebuilders such as Toll, the fifth-largest by stock market value, are profiting as low financing rates spur people to buy houses. Toll's revenue rose 67 percent to $999 million in the quarter as home sales gained 47 percent to 1,590.

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