Toll Brothers Inc., which has home-building operations in Connecticut, said today its fiscal fourth-quarter loss narrowed slightly as it took fewer write-downs on land values, but warned that fiscal 2009 revenue will fall significantly below 2008 levels.
The Horsham, Pa.-based luxury home builder said the economic environment is too uncertain to be able to further forecast fiscal 2009 results.
For the quarter ended Oct. 31, losses totaled $78.8 million, or 49 cents per share, including $175.9 million worth of pretax write-downs. That’s slightly better than the year-ago loss of $81.8 million, or 52 cents, on $314.9 million write-downs.
Excluding items, profit totaled 23 cents per share.
Revenue fell to $698.9 million from $1.17 billion a year ago, slightly above the preliminary sales results of $691 million Toll issued last month.
Analysts surveyed by Thomson Reuters expected a loss of 46 cents per share on revenue of $681.4 million.
At 11 a.m., shares of Toll Brothers traded at $21.27, up $2.04, or 10.6 percent. (AP)
