UPDATE: Hovnanian FQ3 Profit Drops 76%
Hovnanian Enterprises (NYSE: HOV) reported a 76% drop in its fiscal third-quarter earnings.
Hovnanian's quarterly profit fell to $8.5 million, or $0.06 per share, from $34.7 million, or $0.25 per share, in the year-ago period.
Its revenue rose 24% to $478.4 million. However, analysts were estimating earnings of $0.07 per share on revenue of $505 million.
Hovnanian shares closed at $5.04 on Friday.
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