Toll Brothers Q3 Profit Matches Estimates - Quick Facts

(RTTNews) - Toll Brothers Inc. (TOL) reported that its third-quarter net income decreased to $46.6 million, or $0.26 per share, from $61.6 million, or $0.36 per share, last year. Pre-tax income was $68.3 million, compared to $43.0 million, prior year.

Third-quarter net income included pre-tax inventory write-downs of $0.2 million and a tax expense of $21.7 million. The company's prior year quarter results included pre-tax write-downs of $3.1 million and a tax benefit of $18.7 million.

On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $0.26 for the quarter. Analysts' estimates typically exclude special items.

Revenues rose to $689.16 million, from $554.32 million last year. Analysts expected revenue of $695.52 million for the quarter. Gross margin, excluding interest and write-downs, improved to 25.1% from 24.4%, last year.