TOL This high end home builder reported a big beat in earnings and revs along with a surge in new orders. Was up nicely premarket but is now down in early trading. Looks like another buy the rumor and sell the news.
Toll Brothers beat expectations in its fiscal third quarter. Shares of the homebuilder were rising in after-market trading.
The company reported July quarter earnings of 90 cents a share. Wall Street's consensus estimate called for only 69 cents a share, according to FactSet. Sales of $1.65 billion beat expectations of $1.5 billion. Total home sales of 2,022 units beat estimates that called for 1,853, while orders of 2,833 topped expectations for 2,082.
CEO Douglas Yearley pointed to a surge in demand, driven by historically low interest rates, a continued undersupply of homes, and consumers focusing on the importance of a home "more than ever."
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