Toll Brothers’ Home Orders Soar in Rally for Luxury Sales

(Bloomberg) -- Toll Brothers Inc. reported better-than-expected order growth, a sign that homebuyers rushing to the suburbs during the pandemic are fueling a boom in luxury sales.

• Purchase contracts for the three months through October, jumped 68% from a year earlier to 3,407, the builder said in a statement Monday. The average estimate of analysts surveyed by Bloomberg was 3,237. It wasn’t enough for investors, however -- the shares fell in late trading.

Key Insights

Market Reaction

• The shares were down 3% to $47.72 at 5:15 p.m. New York time after markets closed. They have climbed 25% this year, roughly in line with an S&P index of U.S. homebuilder stocks.

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• Click here to read the earnings statement. The company will hold a conference call Tuesday at 11 a.m. New York time to discuss the results.

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