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Toll Earnings Plunge
Updated from 6:18 a.m. EDT
Toll Brothers'(TOL Quote) second-quarter earnings fell 79% from a year ago as the homebuilder continues to be hit by write-offs of land purchases and options.
The Horsham, Pa., builder of luxury homes earned $37 million, or 22 cents a share, for the quarter ended April 30, down from the year-ago $175 million, or $1.06 a share. Analysts expected profit of 25 cents a share, according to Thomson Financial.
The latest quarter included $120 million, or 44 cents per share, in land writedowns, up from 4 cents a year earlier. ...
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