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Toll Brothers' homebuilding revenue dives 51 percent


    (Reuters) - U.S. luxury homebuilder Toll Brothers Inc said on Wednesday it expects to report a 51 percent drop in second-quarter homebuilding revenue.

    Preliminary second-quarter results showed home-building revenue of about $398.3 million and an order backlog of about $944.3 million.

    Analysts were on average expecting second-quarter revenue of $392.4 million, according to Reuters Estimates.

    Shares in the Horsham, Pennsylvania-based company closed at $19.51 on Tuesday.

    (Reporting by Anurag Kotoky in Bangalore; Editing by Greg Mahlich)