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Toll Brothers sees drop in Q1 home-building revenue


    (Reuters) - Luxury homebuilder Toll Brothers Inc said on Wednesday it expected to report a 51 percent decline in home-building revenue for the first quarter.

    For the quarter ended January 31, the company said it signed 423 gross contracts, a decline of 53 percent from the year-ago period.

    Preliminary results showed home-building revenue was about $409.3 million for the period, the company said, adding that it had 157 cancellations, totaling about $115 million.

    The average price per unit of gross contracts was $575,000, compared to $583,000 in the year-earlier quarter.

    (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Deepak Kannan)