Looks like some more good housing news.
HORSHAM, PA. (TheStreet) -- Luxury homebuilder Toll Brothers(TOL Quote) announced that its new contracts are up 42%, and that it expects fourth-quarter revenue will top Wall Street's expectations.
From preliminary fourth-quarter results, the company said it predicts revenue of $486.6 million. Granted, that is significantly lower than the $691.1 million from last year, but it is also $100 million more than analysts forecast.
The news sent shares spiking 7.3% in pre-market trading to $19.47.
The contract cancellation rate was 6.9%, the lowest since the fourth quarter of fiscal 2005.
Buyers signed 765 contracts for homes valued at $430.8 million during the quarter.
The company expects the extension of the tax credit for homebuyers will help sales, but still warned that the housing recovery will be slow and choppy, despite some positive data in the sector.
Toll will report its final results on Dec. 3. Analysts expect a loss of 37 cents.
On Tuesday, Beazer Homes(BZH Quote) announced that it swung into profit it its fourth-quarter, but still saw a 42% plunge in revenue. Similar to Toll, the company is seeing new orders slightly rebound.
Pulte Homes(PHM Quote), however, reported that its loss widened in its third quarter, as it was weighed down by its acquisition of Centex.
