Industry News

Builders deliver more bad news in earnings reports

Toll Bros., Standard Pacific among latest affected

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Luxury home builder Toll Brothers, in a preliminary earnings report today, announced that home-building revenues dropped 22 percent in the first quarter compared to the same quarter last year, while builder Standard Pacific Corp. this week reported a $440.9 million net loss in fourth-quarter 2007. Builder D.R. Horton Inc. is scheduled to discuss its first-quarter earnings in a conference call Thursday. Toll Brothers reported home-building revenues of $842.7 million in the first quarter of the 2008 fiscal year that ended Jan. 31, down from $1.09 billion in first-quarter 2007. The company had net contracts valued at $375.3 million in the first quarter, down 50 percent compared to the value of contracts in first-quarter 2007. Its backlog of $2.4 billion worth of homes at the close of first-quarter 2008 was down 42 percent from a backlog valued at $4.15 billion at the end of first-quarter 2007. "The housing market remains very weak in most areas. Based on current traffic an...