Toll Brothers Inc. posted lower first-quarter profit as sales slipped.
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The home-construction company reported $56.9 million, or 41 cents a share, in earnings in the quarter ended Jan. 31, down from $112.1 million, or 76 cents a share, in the same quarter last year. Analysts polled by FactSet were expecting earnings of 46 cents a share.
Selling, general and administrative expenses notched up 18 percent from a year earlier.
Toll Brothers reported $1.33 billion in sales, down from $1.36 billion in the prior year. Analysts expected $1.44 billion.
Homebuilding deliveries were up 5 percent at 1,611 and net signed contract units rose 31 percent to 1,806.
Shares of Toll Brothers slumped 8.6 percent to $40.50 a share in after-hours trading on Tuesday.