Luxury homebuilder Toll Brothers Inc. posted a narrower quarterly net loss on Wednesday and said it would not provide an earnings outlook due to market uncertainty.
The net loss narrowed to $83.2-million (U.S.), or 52 cents a share, in the second quarter ended on April 30 from $93.7-million, or 59 cents a share, a year earlier.
The latest results included pretax writedowns of $119.6-million. Excluding that, Toll posted a loss of 3 cents a share.
Revenue fell 51 per cent to $398.3-million, while order backlog decreased 55 per cent to $944.3-million. Net signed contracts dropped 40 per cent $298.3-million.
"Although cancellations appear to be leveling off, we believe that concerns about job security and the economy continue to inhibit traffic and the conversion of deposits to contracts," chief executive Robert Toll said in a statement.
For the full year, Toll expects to deliver 2,200 to 2,800 homes, at an average delivered price of about $590,000 and $620,000 each.
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