HORSHAM PA-Toll Brothers reported on Tuesday that its third quarter earnings fell 24% due in large part to a tax expense, offsetting a jump in home sales.
The luxury homebuilder blamed a $21.7-million tax expense for its net income falling to $46.6 million, or 26 cents a share, from $61.6 million, or 36 cents, a year earlier. In the third quarter of 2012, the company enjoyed an $18.7-million tax benefit, according to Bloomberg News.
Toll Brothers' revenue rose 24% to $689.2 million, as compared to last year's third quarter. Pretax profit shot up to $68.3 million from $43 million. The company signed contracts for 1,405 homes with a total value of $992.6 million, compared with 1,119 homes valued at $674.4 million in the third quarter of 2012. See story at Bloomberg News.
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