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Wed, Jun. 4, 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
Wed, Jun. 4, 9:19 AM
Tue, Jun. 3, 5:30 PM
Wed, Mar. 5, 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
Wed, Mar. 5, 9:17 AM
Wed, Mar. 5, 12:05 AM
Tue, Mar. 4, 5:30 PM
Dec. 12, 2013, 9:26 AM
- FQ4 gross margin of 22.6% is up from 18.3% a year ago and 20.3% in FQ3.
- Deliveries of 1,816 homes up 3.8% Y/Y. Dollar value of net contracts of $490.5M, off about 4%. Number of net contracts of 1,315, off 8.9%.
- Backlog of 2,392 homes and $848.4M is up 11.5% and 14.3%, respectively, from a year ago. Contract cancellation rate of 23% is flat from last year.
- Noting slowing sales from July-September, CEO Ara Hovnanian says sales improved back to prior-year levels in October (the last month of the Q) and exceeded last year's levels in November.
- CC at 11 ET.
- FQ4 results, press release
- HOV +4.6% premarket
Dec. 12, 2013, 9:18 AM
Dec. 12, 2013, 12:05 AM
Dec. 11, 2013, 5:30 PM
Sep. 9, 2013, 11:48 AM
- Hovnanian Enterprises (HOV +2.2%) move higher today, despite missing consensus estimates on its FQ3 earnings report.
- Net earnings fell 76% Y/Y as improving sales and margins were overshadowed by a year-earlier period that included a combined $42.7M in tax benefits and debt-extinguishment gains.
- Looking forward, the company says it sees solid profitability, with the combination of pent-up housing demand and positive long-term demographic trends for housing driving increased demand for new homes.
- On its call, HOV says the vast majority of its tax valuation allowance could potentially be used at end of FY14, adding that it has has no near term plan for any stock offering.
Sep. 9, 2013, 9:21 AM
Sep. 9, 2013, 12:05 AM
Sep. 8, 2013, 5:30 PM
Jun. 5, 2013, 10:00 AMMore on Hovnanian (HOV) FQ2: net profit drops to $1.3M from $1.8M last year, which included a $27M one-time gain. FQ2 2013 revenue +24%. Deliveries +18% to 1,424 homes; net contracts +22.2% to $696.1M; contract backlog $1.02B for 2,827 homes, up 34.3% and 23% respectively; contract cancellation rate 16% vs 17% last year. Saw strong demand during spring selling season and was able to raise prices in many communities, thereby offsetting any increases in labor or material costs. Should be profitable for the rest of the year. (PR) | 3 Comments
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Hovnanian Enterprises Inc designs, constructs, markets and sells single-family detached homes, attached townhomes and condominiums, mid-rise and high-rise condominiums, urban infill and active adult homes in planned residential developments.
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