Fourth-quarter earnings for Toll Bros. declined 77 percent from the same period a year ago, the Horsham-based luxury-home builder said Tuesday.
Toll said it earned $94.9 million, or 54 cents a share, in the quarter ended Oct. 31, compared with a profit of $411.4 million, or $2.35 a share, a year earlier.
Deferred tax-asset valuation allowance reversals fell to $4.6 million last quarter, compared with $394.7 million the year before, the builder said.
Pretax income for the quarter was higher than the same period in 2012, Toll said, as sales, revenues, and average prices climbed above those previous-year figures.
In a wide-ranging interview Dec. 5 at the company's Horsham headquarters, CEO Douglas Yearley Jr. attributed issues related to consumer confidence, including June's spike in interest rates and increasing new-home prices, for a "flat but not backward" housing market of the last six months .