Toll Bros. reports steep revenue decline
Luxury homebuilder attributes 34% plunge to 'continued weakness' in housing market.
NEW YORK (CNNMoney.com) -- In the latest sign of weakness in the housing sector, the luxury homebuilder Toll Brothers Inc. reported steep declines in revenues and contracts for the third quarter Wednesday.
Toll Brothers (TOL, Fortune 500), based in Horsham, Pa., said revenue fell 34% in the fiscal third quarter ended July 31 to $796.5 million, backlog plunged 52% to $1.75 billion and net signed contracts dropped 35% to $469.7 million.
For the nine-month period, the company said revenue plummeted 29% to $2.46 billion and net signed contracts dropped 49% to $1.34 billion.
Chief Executive Robert Toll, in a press release, said the declining revenue, backlog and contracts "reflect the continued weakness" in the housing market.
"We believe the consumer's confidence in the housing market is the key to its recovery," said Toll.
The company said these figures are "preliminary and unaudited," and the final totals - including net results - will be announced Sept. 4. 
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