Homebuilder Toll Narrows Loss

The company said fiscal 2009 revenue will be "significantly below" fiscal 2008, and because of 'uncertainties' it won't provide earnings guidance.
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Luxury homebuilder

Toll Brothers

(TOL) - Get Report

reported a fourth-quarter loss of $78.8 million, or 49 cents a share, compared with a year-earlier loss of $81.8 million, or 52 cents a share.

Excluding writedowns in both periods, fourth-quarter earnings were $38.5 million, or 23 cents a share, lower than year-earlier earnings of $118.2 million, or 72 cents a share.

Analysts surveyed by

Thomson Reuters

expected Toll to report a loss of 46 cents a share.

Fourth-quarter revenue fell to $698.9 million from $1.17 billion a year earlier. Net signed contracts in the fourth quarter were $266.7 million, compared with $365.3 million a year earlier.

Toll said fiscal 2009 revenue will be "significantly below" revenue of $3.16 billion in fiscal 2008.

But the company said, "given the numerous uncertainties related to sales paces, sales prices, mortgage markets, cancellations, market direction and the potential for and size of future impairments," it won't provide earnings guidance.

The company did say, however, that it currently estimates it will deliver between 2,000 and 3,000 homes in fiscal 2009 at an average delivered price of between $600,000 and $625,000 a home.