Toll Brothers Reports Earnings of $27.3 Million
The results beat Wall Street estimates. Analysts polled by Thomson Reuters were expecting the company to lose 14 cents a share.
Revenue for the quarter was $454 million, down from $461 million a year earlier, the company said in a statement. Pre-tax write-downs fell to $12.5 million, from $115 million a year earlier.
"We were pleased to return to profitability this quarter," CEO Douglas Yearley Jr. said. "Although revenues and unit deliveries for the quarter were relatively flat compared to one year ago, our gross margin, before write-offs, improved by 350 basis points."