Higher home sales, prices drive Toll Brothers revenue beat

http://www.cnbc.com/2016/05/24/toll-brothers-profit-revenue-beat-on-higher-home-sales.html

Toll Brothers’ quarterly revenue jumped nearly 31 percent, beating analysts’ estimates, as the company sold more luxury homes at higher prices, mainly in California.

Shares of Toll Brothers, which mostly builds single-family homes that could cost more than $2 million, gained more than 8 percent on Tuesday.

New U.S. single-family home sales rose more than expected in April and the median price surged, suggesting the housing market recovery was gaining traction.

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“The only weak spot was California, where demand cooled a bit.”

“Shares of Toll Brothers surged more than 11% on the solid earnings Tuesday – but the stock is still down 20% for the year.”