My old company beat earnings expectations. The housing market must be recovering. People must be knocking each other over to buy McMansions again. Toll Brothers made $42.1 million this quarter versus $27.3 million last year. That’s a 54% increase in profits.
AWESOME!!!
But if you go way down the page in the story you will find out that Revenue DECLINED by 13% versus last year. And new orders for houses sucked with only a 1.7% increase, even though mortgage rates are the lowest in history. I guess my old friends must have done an amazing job managing costs. NOPE!!!
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