Luxury homebuilder Toll Brothers reported a quarterly profit as it offered fewer buyer incentives and benefited from a tax break. The company, whose shares rose more than 3 percent, was also able to finish selling certain less-profitable communities, which boosted its margins. Revenue rose 3 percent to $334.1 million, compared with analysts' estimates of $317.2 million. The company's average home price rose 7 percent to $586,000, but Toll expects that to decline to within a range of $540,000 and $565,000 for the rest of the year. In the fifth year of the housing slump, most homebuilders continue to suffer as they compete in a market oversupplied with cut-rate foreclosures and short sales that are a legacy of a housing boom fueled by subprime lending and speculation.
While Toll's high-end products do not compete as directly with foreclosures as some rivals, which focus on the first-time homebuyer, the company is still struggling to close sales with buyers concerned that the home will lose value. The latest results include a tax benefit of $20.4 million. Without that, the company lost $17 million, compared with a year-earlier loss of $56.8 million, excluding special items.
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