Luxury homebuilder Toll Brothers Inc., with subdivisions in Connecticut, reported a smaller loss Wednesday for its fiscal second quarter as both home deliveries and new contracts picked up, The Associated Press reports.
The value of the builder’s new home contracts increased 8 percent to $500.9 million in the January to April period, while the number of delivered homes rose 9 percent to 591.
The average price for of newly-signed contracts rose 1 percent, and contract cancellation rates fell to 3.9 percent from 5.3 percent.
Toll Brothers’ business has gotten stronger over the last two years, but it’s still weaker than it was before the economic downturn.
The Horsham, Pa., company reported a net loss of $20.8 million, or 12 cents a share, in the three months ended April 30. That compares with a net loss of $40.4 million, or 24 cents a share, a year ago.
Revenue grew 3 percent to $319.7 million from $311.3 million a year earlier.
Analysts polled by FactSet were expecting a loss of 4 cents a share on revenue of about $320.5 million.
