Luxury home builder Toll Brothers said yesterday its quarterly profits dropped 67% due to hefty writedowns and what CEO Robert Toll termed as soft markets in most of the U.S.
"We're a little more disappointed than two weeks ago" when the company gave its last update, Toll said.
"For Presidents Day weekend we had good sales, but we didn't have anywhere near the bump up that we normally see. That's disappointing."
Profits fell to $54.3 million, or 33 cents a share, from $163.9 million, or 98 cents. Revenues slipped 19% to $1.09 billion.
Separately, HSBC, which has warned of sub-prime lending woes, said two top execs at its U.S. operations have left amid higher than expected losses on home loans.
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