Hovnanian 2Q Loss Widens As Revenue Plunged Amid Lower Orders

Date : 06/07/2011 @ 5:29PM
Source : Dow Jones News
Stock : Hovnanian Enterprises Class A (HOV)
Quote : 2.41  0.0 (0.00%) @ 8:00AM

Hovnanian 2Q Loss Widens As Revenue Plunged Amid Lower Orders

Hovnanian Ent (NYSE:HOV)
Historical Stock Chart

5 Years : From Jul 2012 to Jul 2017

Click Here for more Hovnanian Ent Charts.

Hovnanian Enterprises Inc.'s (HOV) fiscal second-quarter loss widened as revenue fell more than expected amid a drop in orders and bigger land-related charges weighed on the bottom line.

Shares were down 3.4% at $2.26 in recent after-hours trading.

Hovnanian's contracts have plunged in recent quarters from year-earlier results boosted by the government's first-time homebuyer tax credit, which ended last spring after a rush of buyers flocked to secure it. It faces a lackluster job market and high foreclosure activity.

For the quarter ended April 30, Hovnanian reported a loss of $72.7 million, or 69 cents a share, compared with a year-earlier loss of $28.6 million, or 36 cents a share. The latest and prior-year results included $16.9 million and $1.2 million, respectively, in pretax land-related charges.

Revenue plunged 20% to $255.1 million.

Analysts polled by Thomson Reuters most recently predicted a 51-cent loss on $263 million in revenue.

Home-building gross margin fell to 14.8% from 17.3%.

Net contracts including unconsolidated gross ventures fell 17% to 1,166 homes. Contract backlog on the same basis ended the period down 21% from a year earlier by number of homes.

The cancellation rate, excluding unconsolidated joint ventures, rose to 20% from 17%.

-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com

Latest HOV Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.