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Toll Bets on Millennials to Continue Home Sale Surge

Toll Brothers (TOL) on Tuesday reported fiscal fourth-quarter results that topped analyst estimates and forecast a strong 2017 thanks in part to anticipated sales to Millennial buyers.

Horsham, Pa.-based Toll said it sold 2,224 homes in the fourth quarter, up from 1,820 a year prior, at an average price of $834,300. The company reported adjusted net income of $1.15 per share on revenue of $1.86 billion, compared to analyst expectations of a profit of 99 cents per share on $1.79 billion in sales.

The results excluded a $121.2 million warranty charge related to older stucco homes in the Mid-Atlantic region. The...