
Toll Swings to Profit on Tax Benefit
HORSHAM, Pennsylvania (
) --
Toll Brothers
(TOL) - Get Report
, the luxury homebuilder, said it swung to profit in the fiscal fourth quarter on a tax benefit as revenue and homebuilding deliveries declined.
Toll reported fourth-quarter net income of $50.5 million, or 30 cents a share, a swing from a year-earlier loss of $111.4 million, or 68 cents a share.
The latest quarter included a tax benefit of $59.9 million. A year earlier, Toll recorded a tax expense of $4.7 million.
Analysts surveyed by Thomson Reuters expected Toll to report a fourth-quarter loss of 8 cents a share.
Toll said fourth-quarter revenue of $402.6 million and homebuilding deliveries of 700 units declined 17% and 19%, respectively.
Analysts expected revenue of $393.2 million.
On a pretax basis, Toll had a fourth-quarter loss of $9.5 million, compared with a year-earlier loss of $106.7 million.
Toll said it ended the fiscal year with backlog of $852.1 million and 1,494 units, declines of 3% and 2%, respectively, from fiscal 2009.
CEO Douglas Yearley said fiscal 2010 was another "challenging" year for Toll and the industry "as the persistent drag of high unemployment, reduced home equity, weak consumer confidence and frustration with the nation's economic and political climate outweighed the appeal of historic low interest rates and tremendous home affordability."
-- Written by Joseph Woelfel
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