Toll Brothers Earnings Down & Out!

Toll Brothers Reports $93.7 Million Loss

Luxury home builder Toll Brothers Inc <TOL.N> said on Tuesday it swung to a loss for the second quarter, citing continued weak demand in most markets amid a housing slump which is heading into its second year.

Toll posted a net loss of $93.7 million, or 59 cents per share, compared with a net profit of $36.7 million, or 22 cents per share, a year earlier. Second-quarter earnings, excluding write-downs, were 49 cents per share, or $81.3 million, the company said.Analysts had forecast a loss of 96 cents per share, according to Reuters Estimates.

I say good! Eff’ em. You know why? I remember hearing their conference calls two years ago when Mr. Toll was deciding on raising prices either $10,000 or $15,000 a WEEK! That’s a week! That is being a pig if ever there was one. Now they are dumping inventory to cover their loan covenants and driving down the price of all of markets they are in.

Note to Congress; don’t forget to pass a few laws to keep builders honest.