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Low
interest rates and a steady rise in employment have allowed
homebuilders to raise prices.
Toll Brothers, whose homes can cost more than $2 million, said
orders rose 17.6 percent to 1,250 homes in the first quarter
ended Jan. 31.
"The stock market seems to be pricing in a steep decline in the
economy and, along with it, our sector," Executive Chairman
Robert Toll said in a statement.
"We, on the other hand, are seeing signs that reflect strength
and positive momentum in our business."
Toll Brothers said it now expected to sell 5,700-6,400 homes in
2016, compared with 5,600-6,600 estimated previously.
The company also raised the low end of its 2016 average selling
price forecast to $810,000-$850,000, from $800,000-$850,000.
Revenue rose to $928.6 million from $853.5 million a year
earlier.
The company's net income fell to $73.2 million, or 40 cents per
share, from $81.3 million, or 44 cents per share, a year
earlier.
Analysts on average had expected first-quarter earnings of 40
cents per share on revenue of $916.3 million, according to
Thomson Reuters I/B/E/S.
(Reporting by Radhika Rukmangadhan and Ankit Ajmera in Bengaluru;
Editing by Shounak Dasgupta and Anil D'Silva)
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