Toll Brothers Posts Quarterly Earnings of 30 Cents Per Share

Luxury-home builder Toll Brothers Inc (TOL) reported earnings of 30 cents per share for the quarter ending Oct. 31, compared with a loss of 68 cents per share a year earlier.

Revenue declined 17% to $402.6 million, the company said in a statement. Earnings benefitted from factors including a net tax benefit of $59.9 million, lower write-down costs and reduced costs associated with retiring debt.

Home deliveries fell 19% to 700 units.

Sponsored Links
"Despite home deliveries down 76% from our fourth quarter peak in 2005, we achieved modest pre-tax profitability on a pre-write-down basis for the second consecutive quarter," said CEO Douglas C. Yearley.

For the fiscal year ended Oct. 31, the company had a net loss of 2 cents per share, versus a loss of $4.68 per share a year earlier. Revenues fell 15% to $1.49 billion.

"The key to sustained and substantial profitability is the return of normalized demand," Yearley said.
Read Full Story

Markets

DJIA 23,675.64 82.66 0.35%
NASDAQ 6,783.91 30.18 0.45%
NIKKEI 225 20,987.92 -127.53 -0.60%
HANG SENG 25,865.39 51.14 0.20%
DAX 10,801.30 60.41 0.56%
USD (per EUR) 1.14 0.00 0.24%
JPY (per USD) 112.34 -0.18 -0.16%
GBP (per USD) 1.26 0.00 -0.26%
USD (per CHF) 0.99 0.00 0.09%