Hovnanian Enterprises HOV posted a loss in the fiscal second quarter.
Hovnanian's net contracts increased 6.7% to 1,809 homes in the period, while the dollar value of consolidated net contracts gained 15.5% to $669.3 million.
Hovnanian swung to a quarterly loss of $7.9 million, or $0.05 per share, versus a year-ago profit of $1.3 million, or $0.01 per share.
Its revenue surged 6.4% to $449.9 million from $423 million. However, analysts were projecting a profit of $0.03 per share on revenue of $477 million.
Hovnanian's costs and expenses rose 7.5%. Its home-building gross margin, excluding interest, increased to 20.2% versus 18.9%, while deliveries dropped 6.5% to 1,331 homes.
The contract cancellation rate came in at 17%, versus 16%. As of April 30, 2014, the dollar value of consolidated contract backlog rose 21.0% to $1,046.3 million.
The company's press release offered the following comment from J. Larry Sorsby, Chief Financial Officer and Executive Vice President:
"We were pleased with the revenue growth, as well as improvements in our gross margin, that we reported for the second quarter of fiscal 2014."
Hovnanian shares fell 2.29% to $4.47 at 10:10 a.m. ET.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in