Toll Brothers posted for its first quarter ending Jan. 31 a loss of $40.8 million, compared with a loss of $88.9 million last year. The narrower-than-expected quarterly loss came as writedowns fell and Toll said it sees improvement in the housing market.
Details of the reduced loss include:
- Toll Brothers saw a 98% increase in orders to 526 units in Q1.
- Homebuilding revenue fell 20% to $326.7 million versus last year's Q1 revenue drop of 51%.
- The company will deliver 2,100-2,750 homes in 2010 at an average price of $540,000-$560,000 each.
- The loss included writedowns of $33.4 million, much lower than 2009's $156.6 million.
According to Toll Brothers, the housing market is still in 'choppy waters' but 'the seas are getting calmer.'