Building off recent momentum, Pennsylvania-based builder Toll Brothers saw a $411.1 million profit in the fourth quarter, up a whopping 2,641 percent over the same period in 2011, HousingWire reported. The gain comes as new home contract signings soared year-over-year and the company nabbed a one-time tax benefit to the tune of $350 million.
The fourth quarter profit this year marks a significant jump from last year. The company last year posted a $15 million profit in the fourth quarter. There was also an increase in the amount of homes built in the fourth quarter — a total of 1,088, up 44 percent year-over-year. And with that comes contracts signed, which also saw a year-over-year gain of 75 percent, worth a total of $684.1 million.
The fiscal year brought the company a total profit of $487.1 million — a jump from last year’s net profit of $39.8 million. The difference is due primarily to the tax benefit, HousingWire said. The company also built a total of 3,286 homes in the fiscal year. [HousingWire] — Zachary Kussin