Toll Brothers Inc. (TOL) Reports an $80m+ Loss!
Toll Brothers Inc., the nation's largest builder of luxury homes, said Thursday it swung to a loss for its fourth fiscal quarter during what the company calls the worst housing downturn in decades. It is the first quarterly loss recorded by the company in 21 years.
The Horsham-based builder reported a net loss of $81.8 million, or 52 cents per share, for the three months ending Oct. 31, compared with a net income of $173.8 million, or $1.07 per share, a year ago. The loss included $314.9 million in pretax writedowns, mainly for homes it could no longer sell at a profit. In the fourth quarter of 2006, pretax writedowns totaled $115 million.
Without the writedowns, Toll Brothers would have posted fourth-quarter earnings of 72 cents per share, less than half the $1.49 per share profit that was posted during the same quarter a year earlier. Analysts polled by Thomson Financial expected a loss of 77 cents per share. The predictions typically exclude one time charges or writedowns.
The Horsham-based builder reported a net loss of $81.8 million, or 52 cents per share, for the three months ending Oct. 31, compared with a net income of $173.8 million, or $1.07 per share, a year ago. The loss included $314.9 million in pretax writedowns, mainly for homes it could no longer sell at a profit. In the fourth quarter of 2006, pretax writedowns totaled $115 million.
Without the writedowns, Toll Brothers would have posted fourth-quarter earnings of 72 cents per share, less than half the $1.49 per share profit that was posted during the same quarter a year earlier. Analysts polled by Thomson Financial expected a loss of 77 cents per share. The predictions typically exclude one time charges or writedowns.
Labels: TOL, Toll Brothers Inc.
posted by Stock Administrator @ 9:42 AM
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