Toll Brothers Expected to Take a 21% Hit For 3rd Quarter
Toll Brothers gave guidance this morning and announced that it expects a 21 percent drop in revenue for the 3rd quarter. The company reinforced that the slump in housing sales is being caused by tighter credit and difficulty selling previous homes. On a brighter note, they forsee some pent up demand building due to the strong economy and demographic trends.
Toll Brothers will officially announce earnings on the 22nd of August.
Revenue came in at about $1.21 billion for the quarter ended July 31, according to preliminary results. Analysts surveyed by Thomson Financial expect revenue of $1.08 billion. Backlog declined 34% to approximately $3.67 billion, while signed contracts dropped 31% to about $727.1 million. Third-quarter cancellations increased to 347 from 317 in the prior year.
Chairman and Chief Executive Robert Toll said housing demand appears to be building but warned that mortgage market uncertainties could cause the pace of home sales to slow further until the credit markets settle down. “In the near term, tightening credit standards for borrowers should reduce the pool of potential buyers: Liquidity and affordability issues may impede some customers from closing, while others may find it more difficult to sell their existing homes,” he said in a statement. via USATODAY.com.
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