Toll Brothers 1Q revenue drops 51-percent

February 11, 2009 5:54:25 AM PST
Toll Brothers says its first-quarter home building revenue slipped 51 percent as the housing downturn continued to weigh on its results. The luxury homebuilder reported preliminary homebuilding revenue of about $409.3 million for the period ended Jan. 31.

Horsham, Pa.-based Toll Brothers Inc. says net signed contracts slumped 66 percent to approximately $128.1 million, while backlog fell 56 percent to about $1.04 billion.

The company reported fewer cancellations of 157 for the quarter compared with 257 a year ago.

Toll Brothers will release final quarterly results on March 4.

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