Per-share earnings rose to
The tenfold increase in net income, for the quarter ended
Bad weather in the last two months, which hit areas in which about half of Toll's communities were located, also has affected the home-builder.
"We delivered more homes at higher prices this first quarter than one year ago," said
"This higher delivery volume, coupled with price increases from late 2012 and early 2013," Yearley said, "drove our first-quarter growth in revenues, earnings, and margins."
In a December interview, Yearley said Toll felt "good about 2014 and beyond," since the builder was "bigger, stronger, and more diversified, and primed for continuation of the recovery."
That theme was reiterated Tuesday, even while acknowledging the effects of an unusual winter.
"While it is too early to draw conclusions about the spring selling season," Yearley said, "we remain optimistic based on solid affordability, attractive interest rates, pent-up demand, and an industry still under-producing compared to historical norms and current demographics."
Economists put normal annual home production at 1.5 million units. In January, mostly attributable to the weather, the
That said, economist
The shortage of inventory has allowed most builders, including Toll, to raise prices, helping boost net income.
The average price of homes delivered was
Toll's chief financial officer,
Toll financed the purchase with a combination of equity and debt. It plans to sell about 25 percent of the 5,100 lots it bought from Shapell to generate more cash.
The company has about 51,000 building lots owned and optioned.
"Our company has certainly come a long way since 1967, when we began with two homes," said Toll executive chairman
Toll also said he expected the weather to result in "some delays and some additional, but not major, costs, so it should not result in lost sales or deliveries."
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