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.