Toll Brothers Inc. surged after the biggest U.S. luxury-home builder reported rising orders, revenue, and backlog, a sign to investors that wealthy buyers are feeling confident enough to make purchases even amid talk of a housing slowdown.
The company reported a 27 percent increase in quarterly revenue and an 18 percent gain in signed contracts per Toll housing community. The value of the builder’s backlog at the end of last month was $6.48 billion, up 22 percent and “the highest at third-quarter end in a dozen years,” Toll Chief Financial Officer Marty Connor said in a statement.
