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 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
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

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad