NEW YORK (CNNMoney.com) -- Toll Brothers became the latest builder to cut guidance as its founder said he sees no end of the deep slump in home building.
"We continue to look for signs that a recovery is imminent but can't yet say that one is in sight," said a statement from company Chairman and CEO Robert Toll. "We see some signs of pent-up demand when we have special sales events or new community openings. And in some markets, good weeks are interspersed amongst weaker ones."
The builder of luxury homes reported preliminary results that showed revenue in the quarter ending Oct. 31 fell 10 percent to $1.81 billion, slightly below the $1.87 billion forecast of analysts surveyed by earnings tracker First Call.
The company also warned it will deliver 6,300 and 7,300 homes in the fiscal year that began last week. This compares to its previous guidance of 7,000 to 8,000 deliveries.
A big part of the weaker-than-expected results for the nation's No. 6 home builder was a jump in canceled orders.