Toll Brothers made a surprise profit in the first quarter of the company’s fiscal year.
The nation’s largest luxury homebuilder, based in Horsham, had a net income of $3.4 million for the quarter that ended January 31. Wall Street analysts had predicted a loss. The company says new contracts were up and cancellations were down, but many would-be homebuyers are still put off by high unemployment, uncertainty over home prices, and low confidence in the economy. Executive Chairman Robert Toll says a few good quarters will restore confidence and pull consumers off the fence and into the market.