UPDATE: Toll Brothers FQ3 Profit Drops 24%

Toll Brothers TOL reported a 24% drop in its fiscal third-quarter profit. Toll expects full-year home-sale revenue of $2.46 billion to $2.62 billion. Toll's quarterly profit fell to $46.6 million, or $0.26 per share, from $61.6 million, or $0.36 per share, in the year-ago quarter. Its revenue surged 24% to $689.2 million. However, analysts were estimating earnings of $0.26 per share on revenue of $696 million. Toll shares closed at $31.64 yesterday.