Thu, Mar. 12, 9:31 AM
- FQ1 (ending Jan. 31) adjusted EBITDA of $21.3M vs. $11.5M a year ago. Net loss of $14.4M or $0.10 per share vs. a loss of $24.5M and $0.17 a year ago.
- Homebuilding gross margin of 18.2% down 60 basis points.
- Deliveries of 1,220 homes up 7.2% Y/Y. Active selling communities of 199 up from 193.
- Dollar value of net contracts of $521.2M up 14.4%. Number of net contracts of 1,366 up 13.6%.
- Dollar value of backlogs of $965.2M up 6.7%. Number of homes in backlog of 2,487 up 1.3%.
- February action: Dollar value of contracts of $203M up 1.4% from February 2014, with the number of homes down 2% to 539.
- Earnings call at 11 ET
- Previously: Hovnanian misses by $0.04, beats on revenue (March 12)
- HOV -0.9% premarket
Thu, Mar. 12, 9:18 AM
Wed, Mar. 11, 5:30 PM
Thu, Jan. 15, 11:31 AM
- The company earlier reported bottom-line results which beat estimates, but the top line slightly missed.
- FQ4 (ending Nov. 30) deliveries of 6,950 homes gained 23% from a year ago. New orders of 5,492 homes up 22%, up 24% in dollar terms. ASP of $329K vs. $307K a year ago. Incentives of 23.1K per home, or 6.6% of home sales revenue vs. $20.6K and 6.3% a year ago.
- Backlogs of 5,832 homes up 21%, up 22% in dollar terms.
- Gross margins of 25.6% fell 120 basis points from a year ago. Operating margin of 16% down 90 bps.
- Like KB Home earlier this week, Lennar (LEN -4%) warns of lower gross margins for fiscal 2015.
- ITB -2.9%, XHB -2.2%
- Toll Brothers (TOL -2.7%), Hovnanian (HOV -5.3%), D.R. Horton (DHI -4.9%), Ryland (RYL -4.7%), KB Home (KBH -5.5%), Pulte (PHM -4.3%) M.D.C. Holdings (MDC -5.9%), NVR (NVR -2.5%), Standard Pacific (SPF -3.2%)
- Previously: Lennar beats by $0.11, misses on revenue (Jan. 15)
Dec. 10, 2014, 9:29 AM
- FQ4 deliveries of 1,916 homes up 5.5% year-over-year.
- Dollar value of consolidated net contracts of $511.8M up 15.4%. Number of net contracts of 1,301 up 7.9%.
- Dollar value of consolidated backlog of $855.8M up 12.3%, Number of homes in backlog of 2,229 up 2.9%.
- Homebuilding gross margin of 19.3% vs. 22.6% one year ago.
- FQ4 ended on October 31, and in November, dollar value of consolidated net contracts of $167.3M gained 25.3% from a year ago; net contracts of 408 up 18.3%.
- CEO Ara Hovnanian: "2014 has been a disappointing year ... We began fiscal 2015 on a much better note."
- Conference call at 11 ET
- Previously: Hovnanian EPS of $1.95
- HOV +5.1%
Dec. 10, 2014, 9:26 AM
Dec. 9, 2014, 5:30 PM
Sep. 4, 2014, 9:48 AM
- Net income of $17.1M, or $0.11 per share vs. $8.5M, or $0.06 per share in the prior year's third quarter.
- Deliveries, including unconsolidated joint ventures increased 3.1% to 1,549 homes vs. 1,502 in the fiscal 2013 third quarter.
- Consolidated active selling communities increased 5.4% to 196 communities vs. 186 at July 31, 2013.
- Consolidated net contracts decreased 6.3% to 1,357 homes vs. 1,448 homes in last year's third quarter.
- FQ3 results
Sep. 4, 2014, 9:19 AM
Sep. 3, 2014, 5:30 PM
Jun. 4, 2014, 2:02 PM
- Deliveries of 1,331 homes in FQ2 (down 6.5% Y/Y)
- Gross margin percentage of 20.2% (up 130 basis points)
- Dollar value of net contracts including unconsolidated JVs of $703M (up 1%)
- Number of contracts including unconsolidated JVs of 1,907 homes (down 2.2%)
- Backlog including unconsolidated JVs of 3,032 homes (up 7.3%)
- SG&A expense of $62.4M is 13.9% of total revenue (up 170 basis points)
- Adjusted EBITDA of $32.2M vs. $37.1M a year ago.
- CEO Ara Hovnanian: "Our sales pace during April and May was choppy and the total monthly sales pace per active selling community in both months fell short of last year's levels."
- HOV -0.9%
- Previously: Hovnanian misses by $0.08, misses on revenue
Jun. 4, 2014, 9:19 AM
Jun. 3, 2014, 5:30 PM
Mar. 5, 2014, 10:11 AM
- Is it bad tidings from Hovnanian (HOV -5.9%) which reported a larger-than-expected loss in FQ1 (ended Jan. 31), with closings of 1,138 homes actually slipping 4.2% from a year ago (have any other homebuilders reported lower closings)?
- Revenue of $364M gained 1.6% Y/Y, with gross margin 180 bps higher to 18.8%.
- Net contracts during Q1 of 1,202 homes is off 10.6% from a year ago, with the dollar value down 1.6%. Contract backlog of 2,456 homes is up 6.7%, dollar value up 11.4%.
- SG&A expense of $60.4M or 16.6% of revenue compares with $49.3M or 13.8% of revenue a year ago.
- Ara Hovnanian: "Both sales and deliveries were impacted by poor weather conditions and deliveries were further impacted by shortages in labor and certain materials in some markets that have extended cycle times ... We have taken steps to spur additional sales in the spring selling season, including the launch of Big Deal Days, a national sales campaign during the month of March."
- Press release, FQ1 results
- CC at 11 ET
Mar. 5, 2014, 9:17 AM
Mar. 5, 2014, 12:05 AM
HOV vs. ETF Alternatives
Hovnanian Enterprises Inc designs, constructs, markets and sells single-family detached homes, attached townhomes and condominiums, urban infill and active adult homes in planned residential developments.
Other News & PR