Toll Brothers, a Home Builder, Posts a Profit

The luxury home builder Toll Brothers beat Wall Street expectations and reported its first quarterly profit in three years on Wednesday, helped by tax gains and lower write-downs on land values.

The company also did a good job of holding down administrative costs, said Mike Gaiden, an analyst at Morningstar.

Toll reported a profit of $27.3 million, or 16 cents a share, for its third quarter, compared with a loss of $472.3 million, or $2.93 a share, a year earlier.

Analysts were expecting a loss of 14 cents a share, according to Thomson Reuters.

Sales in the period, which ended July 31, fell to $454.2 million from $461.4 million, but exceeded analysts’ forecasts.

Still, the company sounded cautious.

Read Full Article from New York Times

- Posted: 2010-08-26 00:30:42

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