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Homebuilder Toll Brothers on Wednesday announced that it expects to post a 22 percent drop in first-quarter home-building revenue.
The top U.S. luxury builder said home-building revenue was $842.7 million for the three months ended Jan. 31, down from $1.09 billion in the year-ago quarter.
Toll Brothers [TOL
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] is slated to release final figures for the quarter on Feb. 27.
The company said it also expects to take $150 million to $300 million in quarterly writedowns of land and land options.
"The housing market remains very weak in most areas," Robert I. Toll, chairman and chief executive, said in a statement.
He added, "Based on current traffic and deposits, we are not yet seeing much light at the end of the tunnel."
But Banc of America sees at least a dim ray: it upgraded its rating of Toll Brothers to "neutral" from "sell."
"We continue to think Toll needs to lower prices more aggressively near-term to regain volume and work through its long land supply," Banc of America Securities analyst Daniel Oppenheim said in a research note.
And sector investors should take note: It also upgraded rivals Pulte Homes [PHM
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] and KB Home [KBH
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] to "buy" from "neutral."
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