Hovnanian Enterprises, Inc.NYSE
Tue, Sep. 20, 12:25 PM
- Lennar (NYSE:LEN) was initially higher following this morning's earnings beat, but has turned lower by 4.3% amid cautious earnings call comments on margins.
- Also at work is today's housing starts report which showed an unexpected sharp decline from July to August, with single-family starts dropping to a 10-month low.
- ITB -1.4%, XHB -0.9%
- Hovnanian (HOV -0.9%), KB Home (KBH -1.4%), Pulte (PHM -3.2%), D.R. Horton (DHI -1.2%), Toll Brothers (TOL -1.4%), Taylor Morrison (TMHC -2.5%), LGI Homes (LGIH -1.3%)
Mon, Sep. 19, 12:01 PM
- The NAHB Index jumped six points to a one-year high of 65 this month vs. expectations for just a marginal gain.
- "With the inventory of new and existing homes remaining tight, builders are confident that if they can build more homes they can sell them," says NAHB Chief Economist Robert Dietz.
- The Lindsey Group's Peter Boockvar calls this month's print "ebullient," but says the key to sustain things will be the behavior of the first-time homebuyer. We're at a 50-year low in the homeownership rate - will potential first-timers continue to prefer renting? The area most in need of new homes are those priced below $250K (to better compete against renting), but margin issues don't make this a terribly profitable segment for homebuilders.
- ITB +1.9%, XHB +1.5%
- Toll Brothers (TOL +1.4%), PulteGroup (PHM +3.1%), D.R. Horton (DHI +2.5%), Lennar (LEN +2.5%), Hovnanian (HOV +2.4%)
Fri, Sep. 9, 12:45 PM
Fri, Sep. 9, 9:40 AM
- FQ3 income before taxes, excluding land-related charges of $2.7M vs. a loss of $8.9M a year ago. Net loss of $500K or $0.00 per share vs. loss of $7.7M and $0.05 one year ago.
- Adjusted EBITDA of $56.3M vs. $32.2M a year ago.
- Total revenue of $716.9M up 32.6% Y/Y.
- SG&A expense of $66.3M or 9.3% of revenue a 330 basis point improvement from last year.
- Consolidated active selling communities of 206 down 15.5% Y/Y, in part thanks to the sale of ten communities in Minneapolis and Raleigh.
- Net contracts per active selling community of 8.4 up 13.5% Y/Y. Dollar value of $593M down 4.3%. Number of net contracts of 1,467 down 4.3%.
- Backlog dollar value of $1.48B up 7.7%; number of 3,232 down 1.3%.
- Deliveries of 1,574 homes up 11.8% Y/Y.
- Cancellation rate of 22% up 200 basis points.
- Noting progress in FQ3, CEO Ara Hovnanian says there is still more work to do. The company expects FQ4 income before taxes, excluding land-related charges, and other non-recurring items to be between $32M and $42M.
- Conference call at 11 ET
- Previously: Hovnanian EPS of $0.00 (Sept. 9)
- HOV -5.55%
Fri, Sep. 9, 9:28 AM
Thu, Sep. 8, 5:30 PM
Tue, Jul. 26, 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%)
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%).
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%)
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, 9:17 AM
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%)
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%)
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)