FILE PHOTO: A Toll Brothers housing development is shown in Carlsbad, California, U.S., May 21, 2018. REUTERS/Mike Blake
(Reuters) – Toll Brothers Inc (TOL.N) posted lower quarterly profit and revenue on Tuesday, as it sold less homes despite declining mortgage rates.
Net income fell to $146.3 million, or $1 per share, in the third quarter ended July 31 from $193.3 million, or $1.26 per share, a year earlier.
Revenue fell 7.7% to $1.77 billion.
Toll Brothers said it sold 1,994 homes in the quarter, down from 2,246 a year ago, while orders fell 3.2%.
Backlog at the end of the quarter was $5.84 billion and 6,839 units, compared to $6.48 billion and 7,100 units, a year ago.
Reporting by Dominic Roshan K.L. in Bengaluru; Editing by Bernard Orr