Hovnanian Enterprises (HOV) Misses Q2 EPS by 8c

Hovnanian Enterprises (NYSE: HOV) reported Q2 EPS of ($0.13), $0.08 worse than the analyst estimate of ($0.05). Revenue for the quarter came in at $468.9 million versus the consensus estimate of $533.75 million.

Consolidated deliveries were 1,223 homes in the second quarter of fiscal 2015, a 1.0% decrease compared with 1,235 homes in the second quarter of fiscal 2014. For the three months ended April 30, 2015, deliveries, including unconsolidated joint ventures, decreased 3.2% to 1,289 homes compared with 1,331 homes in the second quarter of the prior year.

In the second quarter of fiscal 2015, the number of consolidated net contracts decreased 0.7% to 1,796 homes compared with 1,809 homes in the prior year's second quarter. The number of net contracts, including unconsolidated joint ventures, decreased 0.7% to 1,894 homes for the second quarter of fiscal 2015 from 1,907 homes during the second quarter of fiscal 2014.

Consolidated net contracts per active selling community decreased 5.4% to 8.7 net contracts per active selling community for the quarter ended April 30, 2015 compared with 9.2 net contracts per active selling community in the second quarter of fiscal 2014.

For earnings history and earnings-related data on Hovnanian Enterprises (HOV) click here.

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