Toll Brothers posts 3Q loss

September 4, 2008 5:47:38 AM PDT
Toll Brothers says it swung to a loss in its third quarter as its sales fell amid the housing slump. But the home builder says it sees signs that the market is stabilizing.

Toll Brothers Inc. said Thursday it lost $29.3 million, or 18 cents per share, in the three months ended July 31. That's a reversal from a profit of $26.5 million, or 16 cents per share, a year earlier.

It says its revenue fell 34 percent to $797.7 million from $1.21 billion, as revenue from completed contracts dropped.

Toll Brothers says it absorbed $84.3 million in after tax write-downs in the quarter.

But Chief Executive Robert Toll says some measures have been stabilizing in recent months and says there was "pent-up demand" for housing.