Wed, Sep. 9, 9:47 AM
- FQ3 (ended July 31) net loss of $7.7M or $0.05 per share vs. income of $17.1M and $0.11 one year earlier.
- Homebuilding gross margin of 17.8% down from 21.3% a year ago.
- Net contracts including consolidated JVs of 1,658 up 16.4% Y/Y. Dollar value of $694.6M up 27.9%.
- Backlog of 3,275 homes up 12.7% Y/Y. Dollar value of $1.37B up 23.5%.
- Deliveries of 1,475 homes down 4.8% Y/Y.
- Cancellation rate of 20% down 200 basis points from last year.
- For August the number of net contracts rose 15.4% from August a year ago to 531; dollar value of $217.3M up 15.3%.
- FQ4 revenue guidance of $745M, with pretax profit of $22M. Full-year revenue of $2.7B-$3.1B, with pretax profit of $40M-$100M.
- CEO Ara Hovnanian is disappointed with FQ3, but says results are within what the company guided for.
- Conference call at 11 ET.
- Previously: Hovnanian misses by $0.04, misses on revenue (Sept. 9)
- HOV -5.9%
Wed, Sep. 9, 9:23 AM
Tue, Sep. 8, 5:30 PM
Tue, Jun. 9, 9:28 AM
- FQ2 (ended April 30) net loss of $19.6M or $0.13 per share vs. $7.9M and $0.05 one year ago. Revenues of $468.9M up 4.2%.
- Homebuilding gross margin of 16.1% slips 410 basis points from a year ago.
- Consolidated deliveries of 1,233 homes down 1% Y/Y, Including unconsolidated JVs, deliveries of 1,289 homes down 3.2%.
- Dollar value of consolidated net contracts of $700.7M up 4.7%. The number of contracts of 1,796 slipped 0.7%. Number per selling community of 8.7 down 5.4%.
- Dollar value of backlog of $1.17B up 11.9%. Backlog number of homes of 2,972 up 6.3%.
- SG&A of $69.1M or 14.7% of total revenues up 80 bps from a year ago.
- CEO Ara Hovnanian notes disappointment with results as the impact to margins from incentives and concessions was greater than expected. He's confident that gross margin for FQ3 and FQ4 will show sequential increases.
- Earnings call at 11 ET
- Previously: Hovnanian misses by $0.08, misses on revenue (June 9)
- HOV -5% premarket
Tue, Jun. 9, 9:19 AM
Mon, Jun. 8, 5:30 PM
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
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.
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