ADVFN - Advanced Financial Network.
HOME» NYSE » H » HOV Stock Price » HOV Stock News

Hovnanian Ent Share News

 Hovnanian Enterprises, Inc. Stock Price
HOV Stock Price
 Hovnanian Enterprises, Inc. Stock Chart
HOV Stock Chart
 Hovnanian Enterprises, Inc. Stock News
HOV Stock News
 Hovnanian Enterprises, Inc. Company Information
HOV Company Information
 Hovnanian Enterprises, Inc. Stock Trades
HOV Stock Trades

Hovnanian 2Q Loss Narrows On Fewer Write-Downs

DOW JONES NEWSWIRES Hovnanian Enterprises Inc.'s (HOV) fiscal second-quarter loss narrowed more than expected, although revenue was more tepid than analysts were anticipating. The home builder's cancellation rate continued to drop, falling to its lowest level in years, and home-builder gross margin improved sharply. But net contracts dropped and prices still slid modestly. Chairman and Chief Executive Ara K. Hovnanian speculated that the expiration of a federal tax credit for first-time home buyers at the end of April may indeed have pulled forward some sales from the future, as the company saw the pace of net contracts slow in May. Although builders have recently been reporting improved results, they remain challenged by high unemployment, the expiration of credit and the threat of more foreclosures. Hovnanian was hurt worse than most of its peers during the housing downturn, and its large debt load has limited its capability to seize cheap land-purchasing opportunities. "Nonetheless, we see more positive signs today than negative," Hovnanian said. For the quarter ended April 30, the company posted a loss of $28.6 million, or 36 cents a share, from $118.6 million, or $1.50 a share, a year earlier. The latest results included $1.2 million of land impairments, while the previous year's results included $310.2 million in write-downs on land and other items. However, the previous year included a much larger gain on extinguishing debt than the most recent period. Revenue dropped 20% to $318.6 million. Analysts surveyed by Thomson Reuters anticipated a 64-cent loss on $352 million in revenue. Home-building gross margin rose to 17.3%, from 8.3% a year earlier and 16% in the previous quarter. The cancellation rate continued to fall, dropping to 17%, from 24% last year. But Hovnanian said net contracts excluding unconsolidated joint ventures fell 17%. The average home price fell 5.4%. The company's contract backlog as of April 30 was 1,789 homes, down 4%, with a sales value of $534.6 million. In April, Hovnanian agreed to pay the government $1 million to settle a lawsuit alleging it violated the Clean Water Act at hundreds of construction sites. Investors, relieved the suit was over and the settlement wasn't higher, pushed the company's stock higher. Hovnanian shares were unchanged at $6.15 after hours. The stock has doubled in value over the last year. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;

Stock News for Hovnanian Ent (HOV)
06/29/201612:18:00Hovnanian Enterprises and GTIS Partners LP Announce Formation...
06/03/201615:00:00Hovnanian Enterprises’ Presentation At The Barclays High Yield B...
06/02/201611:04:00MARKET SNAPSHOT: U.S. Stocks Weighed By Tumbling Oil On OPEC...
06/02/201609:15:00Hovnanian Enterprises Reports Fiscal 2016 Second Quarter Results
05/26/201615:00:00Hovnanian Enterprises Announces Second Quarter Fiscal Year 2016...
05/11/201614:30:00Hovnanian Enterprises’ Presentation at the 9th Annual J.P. M...
05/03/201615:30:00Hovnanian Enterprises’ Presentation at the 2016 Wells Fargo I...
03/09/201619:46:12Hovnanian Enterprises Announces First Quarter Fiscal Year 2016...
03/09/201610:50:00Hovnanian to Exit Some Markets as Loss Widens
12/04/201510:30:00Hovnanian's Profit Tops Expectations
12/04/201509:15:00Hovnanian Enterprises Reports Fiscal 2015 Results
12/03/201512:45:00Hovnanian Enterprises and GSO Capital Partners Announce $175...
11/20/201514:30:00Hovnanian Enterprises Announces Fiscal Year 2015 Earnings Release...
10/08/201508:00:00Hovnanian Enterprises and Domain Real Estate Partners Announce...
09/22/201516:30:00Hovnanian Enterprises' Presentation at the Deutsche Bank 23rd...
09/21/201520:46:01Hovnanian Enterprises Reports Fiscal 2015 Third Quarter Results
09/14/201508:30:00Stocks Coverage on the Industrial Goods Sector -- CEMEX, Hovnanian...
09/11/201509:40:00Financial Earnings Report - Report on Hovnanian Enterprises

Hovnanian Ent and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2015 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations