Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

Luxury home builder Toll Brothers today reported a $96 million net loss in the first quarter of the 2008 fiscal year, or 61 cents per share, with the company's CEO blaming "ceaseless talk of a recession" for sapping consumers' will to buy. The quarterly loss was larger than Wall Street expectations -- Thomson Financial reported that analysts had expected a quarterly loss of 50 cents per share. Toll Brothers had first-quarter revenues of $842.9 million, down 23 percent compared to first-quarter 2007. Gross signed contracts in the first quarter totaled 904 homes worth $573.1 million. The volume of homes dropped 38 percent and the dollar amount fell 46 percent compared to the first quarter of the 2007 fiscal year, the company reported. After cancellations, first-quarter net signed con...