Toll Brothers Annouces 3rd Quarter Loss of 29 Million
Toll Brothers showed a modest loss of 29 million for it’s fiscal 3rd quarter amidst a horrible market. But with nearly 1.5 billion of cash on hand the company looks like it will survive the housing downturn.
Say what you will about builders, it is looking like the management at Toll Brothers has managed this storm fairly well. They cut early and often and still sold 798 million dollars worth of property in a market that the media is downplaying at every opportunity. And their stock is up 16 percent over the past year.
So if there is a company to watch and listen to during the housing downturn, Toll Brothers is the one.
Chief Executive Officer Robert Toll said the company’s cancellations fell to the lowest in more than two years even as “explosive energy price increases, rising unemployment and severe mortgage and credit” conditions cut demand. Toll’s revenue fell 34 percent as existing home sales slid to a 10-year low in the second quarter.
“Weak consumer confidence has kept many potential buyers from taking advantage of the current buyers’ market,” Toll said in a statement today. “Once the supply of foreclosed inventory is exhausted, we believe that favorable demographics will kick in and the housing market in general will begin to recover. Unfortunately, we can’t predict when that will occur.” via Bloomberg.com: U.S..
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[...] to me it’s a little bit scary to be buying a brand new home from someone such as Toll Brothers in this real estate market. What do you do if you negotiate your best price, buy the house and then [...]