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.
