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August 8, 2007 - 11:40PM
Toll Brothers’ 3rd-quarter revenue drops 21%
Comments | RecommendAssociated Press
PHILADELPHIA - The housing market slump has Toll Brothers’ chief executive perplexed.
“This downturn is very different. It is the first one in my 41 years in the business that’s occurred when you have an up stock market, low unemployment, decent job growth and a very decent economy,” said Robert Toll, speaking to analysts Wednesday after his company reported a 21 percent decline in homebuilding revenue.
The luxury homebuilder’s usually ebullient and candid chief executive also was cautious in his outlook on the housing market. Nearly two years into the housing slump, which got worse with defaults by subprime borrowers, most markets remain weak, he said.
The company’s third-quarter revenue nonetheless beat analysts’ expectations and writedowns were smaller than those reported by some homebuilders. The stock rose $1.38, or 6 percent, to $24.33.
Toll Brothers expects thirdquarter homebuilding revenue to fall to $1.21 billion from $1.5 billion in the same quarter a year ago.
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