Toll Brothers posts profit for 4Q on tax benefit

[December 02, 2010]  HORSHAM, Pa. (AP) -- Toll Brothers Inc. posted a surprise fiscal fourth-quarter profit, helped by a large tax benefit.

But revenue slipped, and signed contracts declined 27 percent amid a weak housing market.

The luxury homebuilder earned $50.5 million, or 30 cents per share, for the three months ended Oct. 31. That compares with a loss of $111.4 million, or 68 cents a share, in the prior-year period.

Analysts expected a loss of 8 cents per share.

Toll Brothers had a $59.9 million tax benefit in the quarter versus a tax expense of $4.7 million a year ago.

Revenue dropped 17 percent to $402.6 million from $486.6 million, but still beat Wall Street's $393.8 million.

[Associated Press]

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