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 PHILADELPHIA (AP) - Luxury-home builder Toll Brothers Inc. said Thursday its first-quarter profit dropped 67 percent due to hefty writedowns and other costs, and Chief Executive Robert Toll said many markets were still soft.
Quarterly earnings declined to $54.3 million, or 33 cents per share, from $163.9 million, or 98 cents per share, during the same period a year ago. Analysts surveyed by Thomson Financial were looking for net income of 29 cents per share.
Revenue slipped 19 percent to $1.09 billion from $1.34 billion in the previous year, meeting Wall Street's expectations.
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