Toll Bros. still losing revenue
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Toll Bros. Inc., the largest U.S. luxury home builder, reported its seventh consecutive quarterly drop in revenue as demand for new homes continued to fall.
Home-building revenue fell 22% to $842.7 million in the fiscal first quarter from a year earlier.
Horsham, Pa.-based Toll said it might incur as much as $300 million in pretax expenses to write down the value of property.
Toll said 28% of its customers canceled contracts in the first quarter, down from a record 39% in the previous three months. The net value of contracts was cut in half to $375.3 million from a year earlier.
The order backlog, or homes under contract that have yet to be sold, fell 42% to $2.4 billion.
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