Toll Brothers: luxury-home builder remains steady on 100 Mortgages

Despite Toll Brothers Inc reporting a fiscal third-quarter loss, shares in the luxury-homebuilder company remains steady.

Toll Brothers Inc lost 18 cents a share for the quarter which ended July 31, that was a loss of $29.3 million, compared with net income of $26.5 million, or 16 cents, in the year-earlier period. Excluding write-downs. Just after 10am Toll Brother Shares were down 0.5 percent, trading at $24.68. The stock is up around 23 percent this year. But, analysts polled by FactSet expected the luxury home-builder firm to lose 25 cents a share on revenue of $782.1 million

The firm said that 195 contracts were cancelled by buyers in the quarter, taking it to the lowest figure in 9 quarters, revenue fell 34 percent, to $797.7 million from $1.21 billion. Toll Brothers at the end of the quarter (July 31) was 18 percent of total capital, Toll have $1.5 billion of cash and more than $1.3 billion available under a banker-credit line maturing in March 2011.

Source: marketwatch

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