Toll beats view, but shares fall on data

In its statement, Toll Brothers said it saw the choppy housing market gradually calming. The Commerce Department, however, said U.S. sales of new single-family homes unexpectedly fell 11.2 percent to a record low 309,000 unit annual rate in January. [ID:nN24373288]

For the first quarter ended on January 31, Toll said its loss had narrowed to $40.8 million, or 25 cents per share, from $88.9 million, or 55 cents per share, a year earlier.

Analysts on average were expecting a loss of 35 cents per share, according to Thomson Reuters I/B/E/S.

Since the second half of 2009, homebuilders industrywide have enjoyed an uptick in orders as federal homebuying tax credits have pushed buyers into the market. At Toll, orders rose 98 percent to 526 homes and traffic has increased in the past month and even more in the past week, when its winter promotion started.

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- Posted: 2010-02-24 11:13:23

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