Toll Brothers profit plunges

Luxury homebuilder Toll Brothers on Thursday reported sharply lower quarterly net income, hurt by a downturn in the U.S. housing market.

Net income fell 79 percent, to $36.7 million, or 22 cents a share, in the second quarter ended April 30 from $174.9 million, or $1.06, a year earlier.

The profit missed Thomson First Call's estimate of 25 cents a share, although it beat Reuters' estimate of 14 cents.

Earlier this month, Toll said it no longer expected to achieve the quarterly and full-year forecasts it provided in February. Its net income outlook for the second quarter had been 43 to 57 cents a share.

Read Full Article from CNNMoney.com

- Posted: 2007-05-24 09:59:04

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