Toll Bros.: Revenue, Income Down, Inventory Up
The big home builder Toll Brothers, Inc. has the quarterly financials out for the period ending January 31, 2005. Revenue was down 31% from the previous, strong quarter. Net income fell $70 million, or 38% from that same quarter.
With business slowing, the relentless increase in housing-on-hand continued. For the quarter inventory was up $267 million and increased more than $1.5 billion when compared to the period ending October 30, 2002. The stock was way up in trading on lighter than average volume.