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Toll Sees Glimmer of Hope as Slump Continues

HORSHAM, PA-As the housing slowdown enters its 15th month, Toll Brothers' quarterly profits drop 44%, but management reports signs of stabilizing in some markets.

By Marita Thomas | Updated on December 05, 2006

(To read more on the debt and equity markets, click here.)

HORSHAM, PA-Locally based Toll Brothers Inc.’s fortunes continued to fall in the homebuilder’s fiscal fourth quarter. Net income was $173.8 million, down 44% from $310.3 million in the same quarter a year ago, and revenue fell 10% to $1.8 billion, down from just north of $2 billion in fourth quarter 2005.

However, for the first time in several quarters, Robert Toll, chairman and CEO, reported tentative signs of hope 15 months into the slowdown. During a conference call he said, “We may be seeing a floor in some markets where deposits and traffic, although erratic from week to week, seem to be dancing on the bottom or slightly above.”

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