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Hovnanian Swings To Profit As Sales Jump

Hovnanian Enterprises Inc. (HOV) swung to a fiscal second-quarter profit on broad-based sales growth as the home builder said it believes the industry is in the early stages of a recovery. Shares were up 19% to $2.03 in recent trading as revenue easily topped estimates. The stock is up 40% so far this year. The company sold more homes per community in April than any month since 2006, except for a sales promotion in September 2007, Chief Executive Ara K. Hovnanian said. "The sales improvements we have experienced are fairly wide-based in terms of geography, price points and buyer profiles," Mr. Hovnanian said. Like most of its peers, Hovnanian has struggled as a glut of bargain-priced homes has sapped demand for new houses. Hovnanian's recovery from the recession has also been hobbled by high domestic unemployment and tightened lending standards. But the company has previously noted that conditions are improving, citing a sustained growth in the number of contracts, and stabilizing prices. In the latest quarter, contracts increased 52% to 1,775 homes. Contract backlog rose 48% to 2,298 homes, with a sales value of $762.8 million, an increase of 49%. Based on contract growth, Mr. Hovnanian said the home-building industry appears to be entering the early stages of a recovery. For the quarter ended April 30, Hovnanian, one of the nation's largest home-building companies, reported a profit of $1.8 million, or two cents a share, compared with a prior-year loss of $72.7 million, or 69 cents a share. The latest quarter included a $27 million gain on debt extinguishment, while the prior-year quarter included a $16.9 million loss on inventory impairment and land option write-offs. Revenue jumped 34% to $341.7 million. Analysts polled by Thomson Reuters most recently expected a 32-cent loss on revenue of $299 million. Home-building gross margin widened to 14.3% from 9.1%, including interest. Write to Kristin Jones at kristin.jones@dowjones.com

Stock News for Hovnanian Ent (HOV)
DateTimeHeadline
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

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