Toll Brothers revenues plunge but CEO sees signs of turnaround

Toll Brothers Inc. saw preliminary revenue for its fiscal second quarter plunge by 51 percent as the housing market continued to be mired in a slump.

Revenue fell to $398.3 million but that beat the average estimate of analysts polled by Thomson Reuters, which was $387 million.

The company's backlog declined by 55 percent and net signed contracts dropped 40 percent compared with the same period a year ago. Though the Horsham, Pa., homebuilder saw revenue fall, its chairman and CEO said signs were pointing to a recovery in the housing market. Signed contracts increased 119 percent in units and 133 percent in dollars compared to last year’s first quarter.

Read Full Article from Bizjournals.com

- Posted: 2009-05-20 10:06:54

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