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 3Q Loss Narrows On Fewer Write-Downs; Contracts Drop

DOW JONES NEWSWIRES Hovnanian Enterprises Inc.'s (HOV) fiscal third-quarter loss narrowed as the home builder saw fewer land-related write-downs in the most-recent quarter but its net contracts dropped 37% amid the expiration of government tax credits. Shares declined 2.5% to $3.59 after hours. As of the close, the stock had fallen 27% in the past year. "We anticipated that our third-quarter net contracts would decline as some sales were pulled forward into the second quarter" because of the tax credit, said Chairman and Chief Executive Ara K. Hovnanian. "Concurrent with the expiration of the tax credit, we saw consumer confidence take a step backward, as the lack of job creation, volatile stock market prices, the oil spill in the Gulf of Mexico and general concerns about the health of the economy moved to the forefront." Although those factors combined for "slower-than-expected sales throughout our third quarter," Hovnanian did note that the company saw July and August sales improve from June levels. The home builder has reported better results of late, with a sliding cancellation rate and sharply improving margins. But builders' results have been boosted by the government's first-time homebuyer tax credit, which propped up home sales by offering consumers up to $8,000. That program expired in April, though, with the closing deadline now extended until Sept. 30. Sales of new homes in the U.S. dropped to a record low in July as demand from consumers dried up after the tax credit expired, the Commerce Department said last week. For the quarter ended July 31, Hovnanian reported a loss of $72.9 million, or 92 cents a share, compared with a year-earlier loss of $168.9 million, or $2.16 a share. The results included land-related write-downs of $49 million and $101.1 million, respectively. Revenue fell 1.7% to $380.6 million. Analysts polled by Thomson Reuters had most recently forecast a loss of 52 cents on $386 million in revenue. Home-building gross margin rose to 17.1% from 9.1%. Net contracts excluding unconsolidated joint ventures dropped 37%. The builder's cancellation rate was 23%, unchanged from a year earlier. The company's contract backlog as of July 31 was 30% lower. -By Nathan Becker, Dow Jones Newswires; 212-416-2855;

Stock News for Hovnanian Ent (HOV)
03/31/201520:28:11Hovnanian Enterprises: Why Investors Should Remain Cautious While...
03/26/201507:36:53KB Home In 2015: Valuation And Prospects
03/22/201503:13:16I'll Take Some Greenblatt With A Touch Of Domash
03/17/201502:21:56Homebuilders - Why So Blue?
03/12/201516:17:47MARKET SNAPSHOT: U.S. Stocks: Futures Rise After Mixed Economic...
03/12/201516:10:14MARKET SNAPSHOT: U.S. Stocks: Futures Up Ahead Of Retail Sales...
03/12/201516:08:35MARKET SNAPSHOT: U.S. Stocks: Futures Creep Higher Ahead Of Retail...
03/12/201516:07:46MARKET SNAPSHOT: U.S. Stocks: Futures Rise Ahead Of Retail Sales
03/12/201516:05:53MARKET SNAPSHOT: U.S. Stocks: Futures Rise Ahead Of Retail Sales
03/12/201512:19:07MARKET SNAPSHOT: U.S. Stocks: Futures Rise Ahead Of Retail Sales
03/12/201509:15:00Hovnanian Enterprises Reports Fiscal 2015 First Quarter Results
03/03/201504:43:51Regular Debt Maturities Weaken Hovnanian's Foundation
02/26/201513:00:00Hovnanian Enterprises Announces First Quarter Fiscal Year 2015...
02/23/201510:51:36Homebuilders lower after soft sales report, downgrades
02/16/201513:00:00Hovnanian Enterprises' Presentation at the 2015 J.P. Morgan Global...
12/15/201413:18:46U.S. Home-Builder Confidence Declined Slightly in December
12/10/201409:15:00Hovnanian Enterprises Reports Fiscal 2014 Results
09/04/201411:33:30MARKET SNAPSHOT: S&P 500, Dow Hit Intraday Record Highs
09/04/201409:49:39MARKET SNAPSHOT: U.S. Stocks Open Up After ECB Rate Cut
09/04/201409:05:14MARKET SNAPSHOT: U.S. Stocks: Futures Higher After ECB Rate Cut...

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 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations