Toll Brothers 3Q Earnings Up 54%, Revenue Slumps |
| Wall Street Journal - Aug 24, 2011 |
Toll Brothers' (TOL) fiscal third-quarter earnings jumped 54% with a boost from a bigger tax benefit, but the luxury home builder saw a double-digit drop in revenue as home deliveries fell.
The company, which caters largely to affluent move-up buyers in the Northeast and Mid-Atlantic, is considered one of the sector's best performers and analysts watch its performance closely. Toll saw cancellations increase and orders climb modestly, raising red flags.
"I'm not liking what I'm seeing," Demir Gjokaj, a senior analyst with ITG Investment Research. "If Toll's getting weak, and they've always been located in the strongest regions and have the strongest buyer segments, it definitely casts a shadow on the rest of the group coming into the third quarter."
Builders, which have spent five years battling the worst downturn in generations, are growing increasingly concerned that recent financial volatility could deliver the fragile sector another blow.
Read Full Article from Wall Street Journal
- Posted: 2011-08-24 14:45:05
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