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Toll Brothers profit misses on lower-than-estimated home prices


By Arunima Banerjee(Reuters) - U.S. luxury homebuilder Toll Brothers Inc's quarterly profit and revenue missed analysts' expectations on Tuesday as it sold homes at prices lower than its own estimates, sending the company's shares down 8 percent in morning trading.The company said it also expects a decline in its full-year adjusted gross margin.A robust job market has supported demand for housing in the United States, but homebuilders are not fully able to take advantage of the rise in demand due to supply constraints such as higher labor and raw material costs.The company, which mainly ...

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First Published: Tue, December 05 2017. 22:54 IST