Toll Brothers Inc. (TOL) reported first-quarter net loss of $2.79 million, or $0.02 per share compared with last year's profit of $3.42 million, or $0.02 per share. The latest quarter results included a net tax benefit of $3.6 million, versus a net tax benefit of $20.5 million in fiscal 2011's first quarter, the company said.
On average, 19 analysts polled by Thomson Reuters expected earnings per share of $0.02 for the quarter. Analysts' estimates typically exclude one-time items.
On a pre-tax basis, quarterly loss reduced to $6.4 million from $17.0 million, while excluding inventory and joint venture write-downs, pre-tax income plunged to $1.7 million from $8.1 million a year ago.
Revenues totaled $321.95 million, lower than $334.12 million in the comparable period prior year, while 16 analysts estimated revenues of $360.84 million for the quarter.
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