Earnings

Luxury homebuilder Toll Brothers scraps 2020 forecast on Covid-19 woes

Eddie Noralus works on a Toll Brothers home on August 21, 2018 in Boca Raton, Florida.

Joe Raedle | Getty Images

U.S. luxury homebuilder Toll Brothers on Wednesday withdrew its full-year forecast and warned it would not provide such guidance for the foreseeable future due to uncertainty caused by the Covid-19 pandemic.

The company’s net income fell to $75.7 million, or 59 cents per share, in the second quarter ended April 30, from $129.3 million, or 87 cents per share, a year earlier.

Revenue fell 9.8% to $1.55 billion.

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