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Orders, a key metric of future revenue for homebuilders, rose
18.2 percent to 1,748 units in the third quarter, its highest
growth in two years.
It also raised the lower end of its average selling price
forecast for the year ending Oct. 31 to $840,000 from $820,000,
maintaining the higher end at $850,000.
However, the company revised its forecast of home deliveries for
the year to 5,900-6,200 homes from its previous range of
5,800-6,300 homes.
New U.S. single-family home sales rose more than expected in
June, reaching their highest level in nearly 8-1/2 years, the
latest sign that the housing market was gathering momentum.
The company said its net income rose to $105.5 million, or 61
cents per share, in the quarter ended July 31 from $66.7
million, or 36 cents per share, a year earlier.
Revenue jumped 23.5 percent to $1.27 billion.
Analysts on average had expected a profit of 61 cents per share
and revenue of $1.25 billion, according to Thomson Reuters
I/B/E/S.
(Reporting by Arunima Banerjee in Bengaluru; Editing by Sunil
Nair)
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