December 4, 2012 / 12:15 PM / 5 years ago

Toll Brothers profit rises, orders jump

Dec 4 (Reuters) - Toll Brothers Inc, the largest luxury homebuilder in the United States, reported a higher quarterly profit and said new orders rose sharply, indicating that the U.S. housing market is on its way to recovery.

Net income rose to $411.4 million, or $2.35 per share, in the fourth quarter from $15.0 million, or 9 cents per share, a year earlier.

The fourth-quarter profit included a net tax benefit of $350.7 million.

Revenue rose 48 percent to $632.8 million.

New orders -- an indication of future revenue -- jumped 70 percent to 1,098 units.

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