Hovnanian Enterprises Inc. (HOV) Posts Q2 Loss of 5c/Share

Hovnanian Enterprises Inc. (NYSE: HOV) reported Q2 EPS of ($0.05), $0.08 worse than the analyst estimate of $0.03. Revenue for the quarter came in at $449.9 million versus the consensus estimate of $476.72 million.

• Deliveries, including unconsolidated joint ventures, were 1,331 homes in the fiscal 2014 second quarter, a 6.5% decrease compared with 1,424 homes in the prior year's second quarter. For the six months ended April 30, 2014, deliveries, including unconsolidated joint ventures, were 2,469 homes compared with 2,612 homes in the first six months of fiscal 2013, a decrease of 5.5%.
• The dollar value of consolidated net contracts increased 15.5% to $669.3 million for the second quarter of fiscal 2014 compared with $579.6 million for the same quarter a year ago. The dollar value of net contracts, including unconsolidated joint ventures, for the three months ended April 30, 2014 increased 1.0% to $703.0 million compared with $696.1 million in the second quarter of the prior year.
• For the second quarter of fiscal 2014, the number of consolidated net contracts increased 6.7% to 1,809 homes compared with 1,695 homes in the second quarter of fiscal 2013. The number of net contracts, including unconsolidated joint ventures, decreased 2.2% to 1,907 homes in the second quarter of fiscal 2014 second quarter from 1,950 homes in the fiscal 2013 second quarter.

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

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