Toll earnings tumble on housing weakness
05.12.2006 11:45
NEW YORK (Reuters) -- Toll Brothers, which builds luxury homes, on Tuesday reported lower quarterly earnings amid continuing softness in some of the once-hottest U.S. housing markets.
In the fourth quarter that ended on Oct. 31, profit fell to $173.8 million, or $1.07 per share, from $310.3 million, or $1.84 per share, a year earlier. Analysts had expected $1.06 per share.
() said it expected earnings of $1.58 to $2.08 a share for fiscal 2007.
The company's outlook includes the expected impact of a change of accounting method, which the company anticipates will shift earnings of between 22 cents and 29 cents a share from 2007 to subsequent years.
The forecast also includes an estimate of $60 million of pretax land-related write-downs - above the $16 million Toll budgeted annually in recent years -- due to uncertain market conditions.
But Chief Executive Robert Toll said in a statement: "Fifteen months into the current slowdown, we may be seeing a floor in some markets where deposits and traffic ... seem to be dancing on the bottom or slightly above."
Toll competes with (), () and () in the housing market.
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