MIKE ARMSTRONG: Coming up: Call it the consequences of high gas prices. More drivers are running their tanks dry, and here’s a Hummer of a story: GM is closing some truck and SUV plants. Another sign of weakness in housing. After its third straight quarterly loss, Toll Brothers may not be crying uncle, but its CEO is calling on Congress to help. A European invasion of
MIKE ARMSTRONG: File this one under Boy How Times Have Changed. Drivers in
You want the good news on Toll Brothers first, or the bad news? Well the good news is, that Toll Brothers beat analyst expectations for its second quarter financial results. The bad news is, the Horsham home builder lost money for the third straight quarter. Its revenue fell 30%, and its backlog is down 50% from this time last year. Toll Brothers lost $94 million or 59 cents per share thanks to write downs of $288 million on the value of land. As the pain of the nation’s housing market continues, CEO Robert Toll again called on Congress to do something. He favors a tax incentive for buyers of new homes; that would stop the downward spiral of home prices, Toll said.
That’s it for today. At the Inquirer, I’m Mike Armstrong for Philadelphia Business Today.