Industry News

Luxury builder Toll Brothers reports $96 million Q1 loss

Financial losses continue for major builders

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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 contracts totaled 647 homes valued at $375.1 million in the first quarter, a 37 percent drop in units and 50 percent decline in dollars compared to first-quarter 2007 results. Toll Brothers had 257 ca...