Hovnanian Enterprises (NYSE: HOV) reported Q1 EPS of $3.07, versus $2.75 reported last year. Revenue for the quarter came in at $565.3 million, versus $575 million reported last year.

GUIDANCE:

Hovnanian Enterprises sees Q2 2022 revenue of $700-750 million.

• For the second quarter of fiscal 2022, total revenues are expected to be between $700 million and $750 million, gross margin, before cost of sales interest expense and land charges, is expected to be between 23.0% and 25.0% and adjusted pretax income is expected to be between $60 million and $75 million

Hovnanian Enterprises sees FY2022 revenue of $2.8-3.0 billion.

• For fiscal 2022, total revenues are expected to be between $2.80 billion and $3.00 billion, gross margin, before cost of sales interest expense and land charges, is expected to be between 23.5% and 25.5%, adjusted pretax income is expected to be between $260 million and $310 million, adjusted EBITDA is expected to be between $410 million and $460 million and fully diluted earnings per share is expected to be between $26.50 and $32.00. At the midpoint of our guidance, we anticipate our shareholders equity to increase by approximately 105% by October 31, 2022.

• Continue to focus on leverage levels and anticipate reducing debt by approximately $200 million during fiscal 2022.

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