That works out to $1.85 on a per-share basis.The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.46 per share.
The homebuilder posted revenue of $2.28 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $2.05 billion. "While demand is still solid, over the past month it has moderated from the unprecedented pace of the past two years as buyers adapt to higher mortgage rates and other macro-economic conditions," said Douglas C. Yearley, Jr., chairman and chief executive officer of Toll Brothers.
"However, the many fundamental drivers of housing demand remain firmly in place," Yearley added. "These include favorable demographics, the significant imbalance between the supply and demand for homes, and migration trends. We believe these factors will support a healthy housing market over the long term."