Pursuits
Toll Profit Drops as Luxury Builder Hurt by Lower Prices
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Toll Brothers Inc., the largest U.S. luxury-home builder, fell the most in eight months after reporting that fiscal third-quarter earnings dropped as lower prices and unit sales caused revenue to decline.
Net income for the three months ended July 31 totaled $66.7 million, or 36 cents a share, compared with $97.7 million, or 53 cents, a year earlier, the Horsham, Pennsylvania-based company said in a statement Tuesday. Revenue fell to $1.03 billion from $1.06 billion.