Toll Brothers Swings to Hefty 2Q Loss on Write-downs

June 3, 2008 6:44:26 AM PDT
Toll Brothers says hefty write-downs on the value of land joint ventures drove the luxury homebuilder to a second-quarter loss, but results topped Wall Street expectations. For the period ended April 30, Horsham, Pa.-based Toll Brothers Inc. has reported a loss of $93.7 million, or 59 cents per share, compared with year-ago profit of $36.7 million, or 22 cents per share. Excluding write-downs of $174.6 million, Toll says it earned $81.3 million, or 49 cents per share, in the latest quarter.

Total revenue fell 30 percent to $818.8 million from $1.17 billion last year.

Analysts surveyed by Thomson Financial expected a loss of 89 cents per share including charges on sales of $818.5 million.