Shares of Toll Brothers widened declines in afternoon trading Thursday after the luxury home builder cut forecasts for fiscal 2007 and said a rebound in the housing market was unlikely to materialize in time for the spring selling season.
"There are too many soft markets at this stage of the selling season to call a general upturn in the new home market," said Chief Executive Robert Toll in a prepared statement.
The Horsham, Pa.-based homebuilder lowered 2007 earnings guidance to a range of $1.46 to $1.85 a share from the previous forecast of $1.58 to $2.08. Annual sales are expected to decline 19% to 31% -- a range of $4.2 to $5.0 billion -- from fiscal 2006.