Toll Brothers Inc. (TOL) Profit Falls 67 Percent
Luxury-home builder Toll Brothers Inc. said Thursday its first-quarter profit dropped 67 percent due to hefty writedowns and other costs, and CEO Robert Toll said there are still too many soft markets.
Quarterly earnings declined to $54.3 million, or 33 cents per share, from $163.9 million, or 98 cents per share, during the same period a year ago.
The latest quarter includes a goodwill impairment charge of $9 million related to Toll's 1999 acquisition of the Silverman Cos. in Detroit. Results also were hurt by $96.9 million in costs to write down the value of land or housing stock the company no longer believes it can sell at a profit, versus writedowns of just $1.1 million in the prior-year period.
Analysts polled by Thomson Financial were looking for net income of 29 cents per share.
Quarterly earnings declined to $54.3 million, or 33 cents per share, from $163.9 million, or 98 cents per share, during the same period a year ago.
The latest quarter includes a goodwill impairment charge of $9 million related to Toll's 1999 acquisition of the Silverman Cos. in Detroit. Results also were hurt by $96.9 million in costs to write down the value of land or housing stock the company no longer believes it can sell at a profit, versus writedowns of just $1.1 million in the prior-year period.
Analysts polled by Thomson Financial were looking for net income of 29 cents per share.
Labels: TOL, Toll Brothers Inc.
posted by Stock Administrator @ 10:34 AM
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