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.
"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.