Luxury home builder Toll Brothers says preliminary results show homebuilding revenue fell 30 percent in its fiscal second quarter amid a weak spring selling season.
Horsham, Pa.-based Toll Brothers Inc. also says it expects to continue to face "challenging times" ahead, given soft conditions in most markets.
Second-quarter homebuilding revenue slid to $817.9 million from $1.17 billion a year ago. The company expects to report quarterly pretax charges of $225 million to $375 million to write down land values.
Backlog dropped by half to $2.08 billion from $4.15 billion at the end of the 2007 quarter. But, the cancellation rate improved to 24.9 percent from 28.4 percent in the fourth quarter, and 29.8 percent a year ago.
