Toll Brothers, the country’s largest luxury home builder, reported its eighth consecutive quarterly loss today. The company’s net loss grew to $472.3 million, or $2.93 per share, up from $29.3 million a year ago. Revenue fell to $461.4 million, a 42 percent drop year-over-year. Analysts had predicted that the company would report a loss of $1.28 per share in the third quarter. Sales of newly constructed homes are expected to fall to their lowest point since 1963, when the National Association of Realtors began tracking data.
Toll Brothers reports third-quarter loss
Toll Brothers CEO Robert Toll