Toll Brothers profit falls on housing downturn
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Luxury home builder Toll Brothers  posted a 79 percent drop in quarterly net income on Thursday, hurt by a downturn in the U.S. housing market.
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Luxury home builder Toll Brothers  said quarterly profit fell 79 percent, hurt by the U.S. housing slump, but its shares rose on Thursday along with its sector after government data showed a better-than-expected rise in new home sales.
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Two large Wall Street firms - Morgan Stanley and Bear Stearns - reported a fall in quarterly profits yesterday in sharp contrast to rival players who presented an upbeat performance the day before.
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Toll Brothers Inc.  on Thursday said the weak U.S. housing market drove down its quarterly profit 67 percent after write-downs for lower land values, and the luxury home builder lowered its forecast.
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Profit at PG&amp;E Corp. fell 55.3 percent in the most recent quarter, a drop the company blamed Tuesday on a lingering effect of California&#39;s energy crisis.
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The investment firm posts a strong profit report, but shares slid.
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Home Depot Inc. , the world's  largest home improvement retailer, reported lower  fourth-quarter profit on Tuesday as the weak U.S. housing  market hurt sales at its retail stores, which declined 2  percent.
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HORSHAM, Pa. -- Luxury homebuilder Toll Brothers Inc. said Thursday its fiscal second-quarter profit fell sharply, as the company took hefty charges to write down property values amid continued weakness in the housing market.
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The aluminum maker said second-quarter profit slipped nearly 4 percent as outage costs at two smelters weighed down results.
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BOSTON/NEW YORK  - Luxury home builder Toll Brothers Inc.  reported a 44 percent drop in quarterly profit on Tuesday but signaled that the worst may be over for the sagging U.S. housing market.
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CALABASAS, Calif. - The stock of Countrywide Financial Corp. fell sharply Wednesday after the residential mortgage lender said a slowdown in refinancings led to a 47 percent plunge in profit for the third quarter.
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Luxury home builder Toll Brothers Inc.  reported a 44 percent drop in quarterly earnings on Tuesday, but said the slumping U.S. housing market -- which has weighed heavily on its results -- might be bottoming out.
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NEW YORK (CBS.MW) -- Toll Brothers reported fiscal fourth-quarter earnings that nearly doubled over year-earlier results as demand continued to outstrip supply in the homebuilder&#39;s affluent markets.
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Toll Brothers Inc., the largest U.S.  builder of luxury homes, on Thursday said its quarterly net  earnings fell sharply, after a goodwill impairment charge and a  writedown for the lower value of land and as the housing market  continued to flounder.
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Home Depot Inc.  said on Wednesday it expects per-share profit to fall this year as the U.S. housing slump hurts sales and it increases spending to improve older stores in a bid to gain market share.
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Toll Brothers Inc. , which builds luxury homes, reported lower quarterly earnings on Tuesday amid a slowdown in the U.S. housing market, sending its shares down more than 3 percent before the market opened.
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Turmoil in the subprime mortgage market took its toll on two Wall Street investment banks today, as second-quarter profit at Bear Stearns dropped 33 percent and Goldman Sachs squeezed out a modest 1 percent rise in profit.