Toll Brothers Has Stellar 1st Quarter but Anticipates Slowdown
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Toll Brothers say first quarter profits rise year over year by 49% and 2006 earnings should come in between 790 and 870 million dollars. That is not a bad company if you ask me.
It is not all good news though, as they have seen slowdowns in California and a fear that with the speculator market drying up they will see demand issues on the horizon. Building companies are a bit different as most of their labor is contract, so they can expand or contract their infrastructure fairly quickly and manage profitability much more than many other industries.
The homebuilder said speculative buying drove the housing market in 2005. But as demand has softened, speculators are putting their homes back on the market.
Though housing conditions will be tough, Toll Brothers said it is well-positioned for growth based on strong demographics, restrictive land approval regulations and its supply of 87,000 lots.
Mack said Toll Brothers is more insulated from the slowing housing market because of its niche as a luxury homebuilder; its well-heeled clients aren’t as sensitive to prices and mortgage rates. The company also puts more emphasis on making a good profit on each home rather than selling in volume. via PennLive.com
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