Toll Narrows Loss as Signed Contracts Rise

Toll Brothers, the luxury homebuilder, reported a narrower second-quarter loss as the number of signed contracts increased.
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HORSHAM, Pa. (

TheStreet

) --

Toll Brothers

(TOL) - Get Report

, the luxury homebuilder, reported a narrower second-quarter loss as the number of signed contracts increased.

Toll reported a loss of $40.4 million, or 24 cents a share, compared with a year-earlier loss of $83.2 million, or 52 cents a share.

Toll said its second-quarter revenue and homebuilding deliveries of $311.3 million and 543 units declined 22% in dollars and 16% in units from a year earlier.

Analysts surveyed by Thomson Reuters expected Toll to report a loss of 23 cents a share on revenue of $322 million.

The homebuilder said net signed contracts in the quarter of $464.6 million and 820 units rose 56% in dollars and 41% in units from the second quarter of 2009.

Backlog of $993.5 million at the end of the quarter rose 5%.

In a statement, Robert Toll, the company's chairman and CEO, said the homebuyers' tax credit wasn't the "determinative factor" for May's activity. "Rather, we believe, the past few months' activity has been driven by an increase in confidence among our buyers in their job security, their ability to sell their existing homes, and general trends in home prices."

-- Reported by Joseph Woelfel in New York.

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