Hovnanian posts second quarter results

Hovnanian reported second-quarter total revenue of $255.1 million, compared with $318.6 million reported for the same period in the previous year.

June 09, 2011
housing numbers, company earnings, homebuilders, home builders

National homebuilder Hovnanian Enterprises Inc. released its second-quarter financial results after market close on Tuesday. The company reported a wider loss for the quarter.

Hovnanian reported second-quarter total revenue of $255.1 million, compared with $318.6 million reported for the same period in the previous year. The company’s homebuilding gross margin for the second quarter was 14.8 percent, compared with 17.3 percent reported for the same period in the previous year.

Hovnanian reported pre-tax loss of $55.1 million for the quarter, compared with $44 million reported for the same period in the previous year. The company’s after-tax net loss was $72.7 million, or $0.69 per share, compared with $28.6 million, or $0.36 per share reported for the same period in the previous year.

The company’s net contracts, including unconsolidated joint ventures, fell 17 percent to 1,166 homes in the second quarter of 2011.  Its contract backlog at the end of the second quarter was 1,551 homes with a sales value of $513.3 million.

For more information: www.beaconequity.com/hovnanian-posts-q2-results-prepares-for-2011-homebuilding-and-building-products-conference-2011-06-08/#ixzz1On4MVaOP

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