Toll Bros. still losing revenue
From Times Wire Services
Toll Bros. Inc., the largest U.S. luxury home builder, reported its seventh consecutive quarterly drop in revenue as demand for new homes continued to fall.
Home-building revenue fell 22% to $842.7 million in the fiscal first quarter from a year earlier.
Horsham, Pa.-based Toll said it might incur as much as $300 million in pretax expenses to write down the value of property.
Toll said 28% of its customers canceled contracts in the first quarter, down from a record 39% in the previous three months. The net value of contracts was cut in half to $375.3 million from a year earlier.
The order backlog, or homes under contract that have yet to be sold, fell 42% to $2.4 billion.
