Toll Brothers reported lower third-quarter sales as the luxury homebuilder delivered fewer homes at higher prices. The company posted a profit of $280.1 million, or $2.97 a share, compared with $369.6 million, or $3.73 a share, a year earlier. Analysts polled by FactSet expected earnings of $2.93 a share.

Revenue fell to $2.66 billion from $2.95 billion a year ago, slightly above analysts' expectations of $2.62 billion. Home sales, which make up the bulk of the company's top line, declined to $2.65 billion from $2.88 billion in the prior-year period.

The results reflect ongoing challenges in the luxury housing market as higher mortgage rates and economic uncertainty weigh on buyer demand. Despite fewer deliveries, the company maintained pricing power, with higher average selling prices partially offsetting the volume decline.