Toll Brothers posts narrower loss for Q2

[June 03, 2009]  HORSHAM, Pa., (AP) -- Toll Brothers Inc. says it lost $83.2 million, or 52 cents a share, in its fiscal second quarter as the luxury home builder continues to reduce the value of land and unsold homes on its books.

The results are slightly better than the $93.7 million, or 59 cents a share, Toll lost in the second quarter last year, as the company took fewer write-downs.

Toll took $119.6 million in write-downs in the quarter, compared with $288.1 million a year earlier.

Analysts were expecting a loss of 50 cents a share.

Toll says there are signs that buyers are beginning to re-enter the new home market, but it isn't giving earnings guidance because of continued uncertainties.

[Associated Press]

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