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.