HORSHAM, Pa. - Toll Brothers' fiscal fourth-quarter earnings jumped nearly 12 percent, but the home builder's bottom line missed Wall Street expectations, and its stock slipped in Tuesday trading.
Based in Horsham, Montgomery County, Toll said Tuesday that it earned $147.2 million, or 80 cents per share, in the quarter that ended Oct. 31. That compares to earnings of $131.5 million, or 71 cents per share, in last year's quarter.
The results did not meet Wall Street expectations in the most recent quarter. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 83 cents per share.
Revenue rose more than 6 percent to $1.44 billion in the most recent quarter, topping Street forecasts. Four analysts surveyed by Zacks expected $1.4 billion.
For the year, the company reported profit of $363.2 million, or $1.97 per share. Revenue was reported as $4.17 billion.
CEO Douglas C. Yearley Jr. said in a statement from the company that the housing market is on a steady growth pace, and Toll Brothers is experiencing a healthier market in many regions than it did a year ago.
For the full fiscal year, the company delivered 5,525 homes, and it expects to deliver between 5,600 and 6,600 homes next year.
Shares of Toll Brothers Inc. fell 2.3 percent, or 86 cents, to $36.66 in midday trading Tuesday, while broader indexes were down less than 1 percent.