NEW YORK, September 11, 2015 /PRNewswire/ --
ACI Association has initiated research coverage on Hovnanian
Enterprises Inc. (NYSE: HOV). Select highlights from the
internally released reports are being made available to the general
public (included below), with access to the entirety of the
research available to new members.
Today, membership is open to readers on a complementary basis at
the following URL:
http://www.aciassociation.com/reports?keyword=HOV
Highlights from our HOV Report include:
- Second Quarter and First Half
Results - On June 09, 2015,
Hovnanian Enterprises, Inc., announced its financial results for
its second quarter and six months period ended April 30, 2015. The Company generated revenues of
$468.9 million during the second
quarter as compared to $449.9 million
reported in Q2 FY14, thereby clocking a growth of 4.2%. However,
Hovnanian Enterprises witnessed a net loss of $19.6 million or 13
cents per common share in Q2 FY15 vis-à-vis a net loss of
$7.9 million or 5 cents a common share in the previous year
quarter. For the first half of fiscal 2015, the revenues totaled
$914.7 million as against
$814 million reported in the prior
year first half. The Company witnessed a net loss of $33.9 million or 23
cents per common share in H1 FY 2015 vis-à-vis a net loss of
$32.4 million or 22 cents a share in fiscal 2014's first
half.
- Other Business Highlights -
The Company's consolidated deliveries totaled 1,223 homes in Q2
FY15 versus 1,235 homes delivered in Q2 fiscal 2014, thereby
experiencing a 1% decline. For the six months ended April 30, 2015, consolidated deliveries stood at
2,372 homes vis-à-vis 2,271 homes in the prior year period,
clocking a growth of 4.4%. The number of consolidated net contracts
during Q2 totaled 1,796 homes with the dollar value of such
contracts coming in at $700.7 million
against prior year figures of 1,809 homes and a dollar value of
$669.3 million respectively.
- Management speak - Ara K.
Hovnanian, President and Chairman of the Board, CEO of the
Company, said, "Based on the higher gross margin in our
April 30th backlog we are confident
that our gross margin for the third and fourth quarters of fiscal
2015 will show sequential increases. While we still feel good about
our ability to grow the top line during fiscal 2015 and still
expect to generate a solid profit during the fourth quarter, we do
not expect it to be sufficient to offset earlier quarterly losses.
We control enough land today to further grow our community count
and remain focused on improving the operating results of some of
our weaker divisions. As a result, assuming no changes in current
market conditions, we expect fiscal 2016 to be a breakout year for
deliveries and revenues, which should lead to a substantial
increase in profitability as compared to recent years."
To find out how this influences our rating on Hovnanian
Enterprises Inc. read the full report in its entirety here:
http://www.aciassociation.com/reports?keyword=HOV
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