HORSHAM, Pennsylvania (
said its second-quarter loss narrowed from a year earlier as the luxury homebuilder continues to see stability across its products.
The loss in the quarter was $20.8 million, or 12 cents a share, compared with a year-earlier loss of $40.4 million, or 24 cents a share.
Toll said excluding writedowns and joint venture impairments second-quarter pretax income was $1 million.
The homebuilder said second-quarter revenue rose 3% to $319.7 million. Homebuilding deliveries rose 9% to 591 units.
Analysts surveyed by FactSet expected the company to report a loss of 4 cents a share on revenue of $320.5 million.
Toll said the cancellation rate was 3.9% in the second quarter, down from 5.3% a year earlier.
Backlog at the end of the second quarter was $1.01 billion, or 1,760 units, up 1%.
"We continue to see stability, and, in some cases, improvement, across our various luxury product lines," said Douglas Yearley, Toll's CEO, in a statement Wednesday.
-- Written by Joseph Woelfel
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