Toll Brothers takes smaller fiscal 2Q loss

NEW YORK (AP) - Luxury homebuilder Toll Brothers says it took a smaller loss in its second quarter as writedowns of assets decreased.

Toll Brothers says it is seeing increased confidence among buyers.

The Horsham, Pa., company says it lost $40.4 million, or 24 cents per share, down from $83.2 million, or 52 cents per share. Analysts expected a loss of 23 cents per share, according to Thomson Reuters.

Revenue dropped 22 percent, to $311.3 million from $398.3 million. Analysts expected $321.9 million.

Toll Brothers Inc. says it signed contracts for 820 units worth $464.6 million, and demand improved from the first quarter. The company says it wrote down the value of its assets by $42.3 million in the quarter, down from $119.6 million in the second quarter of 2009.