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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
05/27/201511:30:00Hovnanian Enterprises Announces Second Quarter Fiscal Year 2015...
05/12/201515:30:00Hovnanian Enterprises' Presentation at the 8th Annual J.P. Morgan...
04/28/201513:00:00Hovnanian Enterprises' Presentation at the 2015 Wells Fargo Industrial...
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

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