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.

"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.

Increase your money and finance knowledge from home

Introduction to Preferred Shares

Learn the difference between preferred and common shares.

View Course »

Forex for Beginners

Learn about trading currencies and foreign exchange transactions

View Course »

Add a Comment

*0 / 3000 Character Maximum