Toll Brothers homebuilding revenue drops

LOS ANGELES - November 10, 2009 -- Toll Brothers Inc. says buyers signed 42 percent more contracts to buy new homes in its fourth fiscal quarter, but revenue dropped because the luxury builder has fewer communities around the country.

The company, based in Horsham, Pa., says buyers signed contracts for 765 homes valued at $430.8 million.

Toll said Tuesday it completed 860 sales transactions generating $486.6 million in revenue for the three months ended Oct. 31. Revenue was down 30 percent from the year-ago period.

Toll Brothers will release final quarterly results on Dec. 3, and analysts surveyed by Thomson Reuters expect a loss of 37 cents a share on revenue of $386.2 million.

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