More Homes for Sale

More homes for sale as speculators withdraw, Toll Bros. says
By Bob Fernandez
INQUIRER STAFF WRITER - Posted on Thu, Feb. 23, 2006

Toll Bros. Inc. said today that speculators have pulled out of the housing market, leading to more homes for sale.

But the company is not predicting a deep slump in the housing market, which is what happened in a similar situation in the early 1990s.

Toll Bros. said it expects to face tough financial comparisons over the "next couple of quarters," but it projects that financial results for 2006 will be its best or second-best.

In its earnings release today, Toll Bros. said first-quarter revenue rose 35 percent to $1.34 billion, from $990.3 million in the prior year's quarter. The quarter ended Jan. 31.

Earnings were $163.9 million, or 98 cents a share, compared with $110.2 million, or 66 cents a share, in the 2004 fourth quarter.

Toll Bros. shares were up 77 cents, or 2.4 percent, at $33.26 around 11:45 this morning on the New York Stock Exchange.

Contact staff writer Bob Fernandez at 215-854-5897 or bob.fernandez@phillynews.com.