Market Updates
Hovnanian Posts Q3 Loss
Elena
07 Sep, 2007
New York City
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The homebuilder posted wider-than-expected loss of $77.9 million, or $1.27 a share compared with a profit of $77 million, or $1.15 a share a year earlier. Company
[R]8:00AM Hovnanian reported another loss in Q3, due to continuous credit markets troubles and high inventory.[/R]
Hovnanian Enterprises Inc. ((HOV)) reported another loss in Q3, citing continuous credit markets troubles and high inventory. The homebuilder posted wider-than-expected loss of $77.9 million, or $1.27 a share compared with a profit of $77 million, or $1.15 a share a year earlier. Company’s revenue for the quarter dropped 27% to $1.13 billion from $1.55 billion last year. Analysts had expected a per-share loss of 99 cents and revenue of $1.13 billion.
The quarterly results include $108.6 million in land-impairment and write-off charges. Hovnanian''s cancellation rate rose to 35% during Q3, up from 32% in Q2. Excluding unconsolidated joint ventures, the company delivered 3,179 homes in the quarter, compared with 4,623 in the year-ago period. The disappointing financial results released by the luxury homebuilder sounded perfectly adequate against the background of a struggling housing market.
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