The Real Deal New York

Toll Bros.’ revenues fall by a third

August 14, 2008 12:29PM
By Adam Pincus

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Revenues fell by 34 percent for Toll Brothers in the quarter ending July 31, while building backlog and net signed contracts dropped sharply, the luxury home builder said yesterday in a preliminary financial report.

The company, based in Horsham, Penn., said revenues fell to $796.5 million from $1.21 billion in the year-ago period. Building backlog declined 52 percent to $1.75 billion and contracts fell 35 percent to $469.7 million.

Despite the poor results, Chairman and CEO Robert Toll said he saw a silver lining.

“We believe there is growing pent-up demand from those who have postponed buying during the past three years,” he said in a statement.

In the company’s north region, which includes New York, revenues fell to $227.2 million from 293.4 million in last year’s second quarter.

Final results will be released September 4, the company said.

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