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Hovnanian 2Q Loss Widens As Revenue Plunged Amid Lower Orders

DOW JONES NEWSWIRES Hovnanian Enterprises Inc.'s (HOV) fiscal second-quarter loss widened as revenue fell more than expected amid a drop in orders and bigger land-related charges weighed on the bottom line. Shares were down 3.4% at $2.26 in recent after-hours trading. Hovnanian's contracts have plunged in recent quarters from year-earlier results boosted by the government's first-time homebuyer tax credit, which ended last spring after a rush of buyers flocked to secure it. It faces a lackluster job market and high foreclosure activity. For the quarter ended April 30, Hovnanian reported a loss of $72.7 million, or 69 cents a share, compared with a year-earlier loss of $28.6 million, or 36 cents a share. The latest and prior-year results included $16.9 million and $1.2 million, respectively, in pretax land-related charges. Revenue plunged 20% to $255.1 million. Analysts polled by Thomson Reuters most recently predicted a 51-cent loss on $263 million in revenue. Home-building gross margin fell to 14.8% from 17.3%. Net contracts including unconsolidated gross ventures fell 17% to 1,166 homes. Contract backlog on the same basis ended the period down 21% from a year earlier by number of homes. The cancellation rate, excluding unconsolidated joint ventures, rose to 20% from 17%. -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com

Stock News for Hovnanian Ent (HOV)
DateTimeHeadline
08/26/201610:00:00Hovnanian Enterprises Announces Third Quarter Fiscal Year 2016...
08/12/201607:30:00K. Hovnanian Enterprises, Inc. Announces Extension of Early Tender...
07/29/201608:00:00K. Hovnanian Enterprises, Inc. Announces Tender Offer and Consent...
07/05/201608:05:00Industrial Goods Sector Equities Under the Scanner -- Ametek...
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

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