Toll Brothers Inc. TOL, +1.16% shares ticked higher in the extended session Tuesday after the luxury-home builder’s results topped Wall Street expectations. The company reported third-quarter net income of $414.8 million, or $3.73 a share, compared with $273.5 million, or $2.35 a share, in the year-ago period. Revenue rose to $2.69 billion from $2.49 billion in the year-ago quarter, as delivered homes rose 5% to 2,524 units. Analysts surveyed by FactSet had forecast earnings of $2.
Analysts had estimated 2,618 deliveries at an average delivery price of around $987,000, and earnings of $3.32 a share on revenue of $2.57 billion for the fourth quarter. “While rising rates remain a challenge, they further cement the lock-in effect that has kept resale inventory at historically low levels,” said Douglas Yearley, Toll Brothers chairman and chief executive, in a statement.