Homebuilder Toll Brothers Inc. (NYSE:TOL) posted a fall in quarterlyprofit from the year-ago period, which was boosted by a $59.9 millionnet tax benefit. Earnings, however, beat Wall Street projections.
Earnings declined to $15 million or $0.09 per share for the fourthquarter from $50.5 million or $0.30 per share in the correspondingperiod of last year.
Revenue rose 6 percent to $427.8 million, the Horsham, Pennsylvania-based company said.
Analysts expected the company to earn $0.05 per share on revenue of $423.97 million.
Gross margin improved to 15.3 percent from 9.6 percent.
Home building deliveries grew 8 percent to 757 units, while net signed contracts increased 15 percent.
Looking ahead for fiscal 2012, the company expects to deliver between2,400 and 3,200 homes at an average price of between $550,000 and$575,000 per home.
TOL, which has been trading in the 52-week range between $13.16 and $22.42, closed Monday's regular trading session at $20.74.
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