Hovnanian Enterprises Inc
- Hovnanian Enterprises Inc. soared 4.3% to $100.30 despite the home builder reporting sharply lower earnings in the second quarter.
Revenue edged down to $686.47 million from $708.38 million, net income slumped to $17.06 million from $48.17 million, and earnings per share fell to $2.64 from $7.12 a year ago.
The company acquired or put under option approximately 3,000 lots in 46 consolidated communities during the quarter, and as of April 30, the total controlled consolidated lots were 42,440, an increase of 15.2% from 36,841 lots at the end of the previous fiscal year’s second quarter.
Total quick-move-in homes as of April 30 were 1,073, a decline of 7.7% compared with 1,163 homes as of January 31.
Hovnanian repurchased 126,448 shares of its own stock during the second quarter at an average price of $96.68 per share for a total of $12.2 million.
The company guided third-quarter revenue to be between $750 million and $850 million, compared to $722.7 million, and adjusted EBITDA between $60 million and $70 million, compared to $131.01 million a year ago, respectively.
May 21, 2025
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