Hovnanian Enterprises, Inc. (HOV) - NYSE
  • Today, 10:16 AM
    • June new home sales came in at a seasonally-adjusted annualized rate of 592K, up from May's rate of 572K, and the fastest pace since February 2008.
    • Expectations had been for 560K.
    • The median price of $306.7K was up 6% Y/Y, and inventory fell to 4.9 months at the current sales pace.
    • New home sales in Q2 were up 10% from Q1.
    • The ITB popped higher on the news, but has retreated a bit since, now up 0.2% on the session. XHB +0.4%
    • Toll Brothers (TOL +0.2%), Hovnanian (HOV +0.8%), Lennar (LEN -0.7%), KB Home (KBH +0.1%), PulteGroup (PHM +0.1%)
    | Today, 10:16 AM | 1 Comment
  • Fri, Jun. 17, 10:30 AM
    • May housing starts at a seasonally-adjusted annualized pace of 1.164M edged lower from April, but were up 9.5% from a year ago (and vs. expected 1.15M). Single-family starts of 764K were slightly higher than April.
    • The major averages are modestly lower on the session, but the homebuilders (ITB +1%) are posting strong gains, led by Toll Brothers (TOL +1.6%), Hovnanian (HOV +3.7%), KB Home (KBH +1.8%), Lennar (LEN +1.2%), PulteGroup (PHM +1.4%), Beazer (BZH +4.7%), D.R. Horton (DHI +1.2%).
    | Fri, Jun. 17, 10:30 AM
  • Tue, Jun. 7, 2:31 PM
    • The major averages are up modestly, but the homebuilders (ITB +2.2%) are posting sharp gains, helped by a report Elliot Management has taken a stake in PulteGroup. Pulte is leading the way with a 4.6% advance.
    • Toll Brothers (TOL +3%), Hovnanian (HOV +3.9%), KB Home (KBH +3%), Lennar (LEN +3.1%), Taylor Morrison (TMHC +3.8%), D.R. Horton (DHI +2.7%)
    | Tue, Jun. 7, 2:31 PM | 1 Comment
  • Thu, Jun. 2, 12:45 PM
    | Thu, Jun. 2, 12:45 PM
  • Thu, Jun. 2, 9:32 AM
    • FQ2 net loss of $8.5M or $0.06 per share vs. a loss of $19.6M and $0.13 one year ago. Adjusted EBITDA of $39.7M vs. $12.2M.
    • Homebuilding gross margin percentage before interest expense and land charges of 16.1%, flat Y/Y. SG&A expense of 10.5% of total revenue vs. 14.7% a year ago.
    • Dollar value of net contacts of $768.1M up 9.6% Y/Y; number of contracts of 1,812 up 0.9%.
    • Dollar value of backlog of $1.58B up 27.8%; number of homes in backlog of 3,453 up 11.7%.
    • Deliveries of 1,598 homes up 30.7%.
    • Fiscal 2016 revenues are expected to be $2.7B-$2.9B; adjusted EBITDA of $200M-$225M.
    • Company has paid off $320M of debt since October, and expects to have the liquidity necessary to pay off any remaining maturities through 2017. Profits in H2 are expected to more than offset the first half's loss.
    • Conference call at 11 ET
    • Previously: Hovnanian misses by $0.08, beats on revenue (June 2)
    • HOV -5.7% in early action.
    | Thu, Jun. 2, 9:32 AM | 2 Comments
  • Thu, Jun. 2, 9:17 AM
    • Hovnanian (NYSE:HOV): FQ2 EPS of -$0.06 misses by $0.08.
    • Revenue of $654.7M (+39.6% Y/Y) beats by $11.64M.
    • Shares -1.55% PM.
    • Press Release
    | Thu, Jun. 2, 9:17 AM | 4 Comments
  • Wed, Jun. 1, 5:30 PM
  • Tue, May 24, 10:09 AM
    • April new home sales at a seasonally adjusted annualized rate of 619K were a full 16.6% above the upwardly revised March print, and 23.8% higher than year-ago levels. The number also flew past expectations for just a 2% rise to 523K.
    • Sales in the Northeast of 55K gained from 36K in March; Midwest of 60K down from 63K; South of 352K vs. 304K; West of 152K vs. 128K.
    • Full report
    • Tossing this bit of information in with strong FQ2 earnings from Toll Brothers (TOL +6.4%) has the homeowners (ITB +2.7%) surging well ahead of the market averages.
    • Hovnanian (HOV +4.9%), KB Home (KBH +3.8%), Beazer (BZH +5.4%), Lennar (LEN +3.2%), Pulte (PHM +3.1%), D.R. Horton (DHI +3.3%)
    | Tue, May 24, 10:09 AM | 39 Comments
  • Mon, Mar. 21, 11:47 AM
    • Existing home sales tumbled 7.1% in February to a seasonally-adjusted annualized pace of 5.08M. Expectations had been for just a mild slip to 5.31M from 5.47M previously.
    • The news is a good excuse to take profits in the homebuilders after a big run higher over the past six weeks.
    • ITB -1.05%, XHB -0.6%
    • Toll Brothers (TOL -1%), Hovnanian (HOV -1.9%), Lennar (LEN -1.1%), KB Home (KBH -1.5%), D.R. Horton (DHI -1%), PulteGroup (PHM -2.6%)
    | Mon, Mar. 21, 11:47 AM | 17 Comments
  • Wed, Mar. 9, 4:15 PM
    • San Francisco is "frothy," says Hovnanian (NYSE:HOV) CEO Ara Hovnanian, with land prices "lofty, almost speculative."
    • Hovnanian was speaking on the earnings call (replay here) after the decision to pull out of San Francisco, along with a number of other markets.
    • HOV sunk 15.9% today as investors digested the earnings miss and the company's move to focus on its balance sheet, rather than growth.
    • Previously: Hovnanian lower as margins slip; sets exit from certain markets (March 9)
    | Wed, Mar. 9, 4:15 PM
  • Wed, Mar. 9, 9:52 AM
    • Rather than focusing on revenue growth, the company is going to take steps to improve its balance sheet by exiting Minneapolis and Raleigh, and winding down operations in Tampa, San Francisco, and NoCal.
    • As for FQ1 (ended Jan. 31), net contracts up about 16% in units, up in the area of 25% in dollars (depends on whether looking at unconsolidated or consolidated results).
    • Backlogs up 25-30% in units, up 39-49% in dollar value.
    • Deliveries up 20-24% in units.
    • Homebuilding gross margin of 16.6% down from 18.2%.
    • Conference call at 10:30 ET
    • Previously: Hovnanian misses by $0.08, misses on revenue (March 9)
    • HOV -9.7%
    | Wed, Mar. 9, 9:52 AM
  • Wed, Mar. 9, 9:17 AM
    • Hovnanian (NYSE:HOV): FQ1 EPS of -$0.11 misses by $0.08.
    • Revenue of $575.6M (+29.1% Y/Y) misses by $4.71M.
    • Press Release
    | Wed, Mar. 9, 9:17 AM | 1 Comment
  • Tue, Mar. 8, 5:30 PM
    | Tue, Mar. 8, 5:30 PM | 1 Comment
  • Mon, Mar. 7, 12:43 PM
    • Presenting at the Raymond James Institutional Investors Conference, Toll Brothers (TOL +0.4%) CFO Martin Connor - noting pent-up demand - says the company's bullish on the spring selling season. For the first three weeks of FQ2 (began Feb. 1), deposits have been flat when compared with last year.
    • The presentation slides offer up a number of nice data points for housing industry (ITB, XHB) fans ...
    • Toll Brothers' average delivered home price last year was $755K, putting it at the top of publicly traded homebuilders. At the bottom of the group was D.R. Horton (NYSE:DHI) at $286K, with shops like Lennar (NYSE:LEN) at $326K and Hovnanian (NYSE:HOV) at $382K.
    • Bubble reminder: In Q2 of 2006, Toll had 91,207 lots owned and optioned; today 43,819. Revenues in 2006 were $6.115B vs. $1.476B in 2011 and $4.171B last year.
    | Mon, Mar. 7, 12:43 PM | 1 Comment
  • Wed, Feb. 24, 10:07 AM
    • New home sales at a seasonally-adjusted annualized rate of 494K in January were 9.2% lower than December and 5.2% above the level one year ago.
    • Most regions were fairly stable, with the exception of the West, where sales dropped to 110K from 162K.
    • The homebuilder ETFs - ITB, XHB - are down about 1.5%, inline with the broader market.
    • Individual names: Toll Brothers (TOL -2.5%), Hovnanian (HOV -1.4%), Lennar (LEN -2%), D.R. Horton (DHI -1.1%), Putle (PHM -1.5%), KB Home (KBH -2.1%)
    | Wed, Feb. 24, 10:07 AM | 2 Comments
  • Mon, Jan. 25, 11:50 AM
    • "Texas is in good shape," says D.R. Horton (DHI -3.5%) CEO David Auld, speaking on the earnings call (reported by Diana Olick). "We have a positive tone because we're seeing positive things out there in the market." Auld also takes note of DHI's cheaper "Express" brand, which he says is driving market share gains.
    • The stock is lower despite an earnings beat, with investors perhaps focusing on slowing price gains (sales orders up 9%, dollar amount up 12%).
    • Other names: Hovnanian (HOV -4.6%), Toll Brothers (TOL -3.4%), Lennar (LEN -3.4%), PulteGroup (PHM -3.1%), KB Home (KBH -3.8%).
    • ETFs: ITB, XHB
    | Mon, Jan. 25, 11:50 AM | 4 Comments
Company Description
Hovnanian Enterprises, Inc. is a homebuilding company, which designs, constructs, markets and sells single-family homes attached townhomes and condominiums, urban infill and active adult homes in planned residential developments. It consists of two distinct operations: Homebuilding and Financial... More
Industry: Residential Construction
Country: United States