Posted on 08/27/2009 4:11:59 AM PDT by MeneMeneTekelUpharsin
HORSHAM, Pa., — Toll Brothers Inc. says it lost $472.3 million in its fiscal third quarter, as the luxury homebuilder took a large tax hit. But while Toll Brothers' results were worse than analysts expected, the company is seeing signs of improvement in the industry. The builder said Thursday it lost $2.93 a share in the three months ended July 31. That compares with a loss of $29.3 million, or 18 cents a share, the same period last year. Toll Brothers sold 792 homes with revenue totaling $461.4 million. Those results were down 36 percent and 42 percent, respectively, from the third fiscal quarter last year.
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Ouch..
It has been over the past few days.
Toll House Builders. you just can’t make this stuff up. Maybe they should have stuck to cookies.
It is actually TOLL Brothers. They are one of the premium home builders in the country. This company does not make first time home buyer houses. They build medium to large McMansions. If you read the whole article you would have read the following:
” And the current quarter is looking even better. The number of buyers putting down deposits for a new home is running 26 percent ahead of the year-ago period.
While market conditions are still tough, “We do see signs for optimism,” Robert Toll, chairman and CEO, said in a statement.
For the first time in three years, the company’s backlog of orders increased compared to the prior quarter. And sales in its current communities are a third ahead of last year.”
The buyers of these homes are not going to be taking advantage of the $8000 first time tax credit. These houses are typically in the 3500-5000 sq ft range.
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