Hovnanian Enterprises Reports Fiscal 2025 First Quarter Results
Hovnanian Enterprises (NYSE: HOV) reported strong fiscal 2025 first quarter results with notable growth across key metrics. Total revenues increased 13.4% to $673.6 million, while home sales revenues rose 12.8% to $646.9 million. The company delivered 1,254 homes, up from 1,063 in the previous year.
Income before income taxes grew 22.4% to $39.9 million, with net income reaching $28.2 million ($3.58 per diluted share). Consolidated contracts increased 6.9% to 1,205 homes ($643.3 million), and the community count rose 5.9% to 125 communities. Total controlled consolidated lots increased 28.8% year-over-year to 43,254.
However, homebuilding gross margin percentage decreased to 15.2% from 18.3% year-over-year. The company maintained strong contracts per community at 9.6, significantly above their historical first-quarter average of 8.0. For Q2 FY2025, HOV expects total revenues between $675-775 million and adjusted income before income taxes of $20-30 million.
Hovnanian Enterprises (NYSE: HOV) ha riportato risultati solidi per il primo trimestre dell'anno fiscale 2025, con una crescita notevole in metriche chiave. I ricavi totali sono aumentati del 13,4% a 673,6 milioni di dollari, mentre i ricavi delle vendite di case sono cresciuti del 12,8% a 646,9 milioni di dollari. L'azienda ha consegnato 1.254 case, rispetto alle 1.063 dell'anno precedente.
Il reddito prima delle imposte sul reddito è aumentato del 22,4% a 39,9 milioni di dollari, con un reddito netto che ha raggiunto i 28,2 milioni di dollari (3,58 dollari per azione diluita). I contratti consolidati sono aumentati del 6,9% a 1.205 case (643,3 milioni di dollari), e il numero di comunità è aumentato del 5,9% a 125 comunità. I lotti controllati consolidati sono aumentati del 28,8% su base annua a 43.254.
Tuttavia, la percentuale di margine lordo nella costruzione di case è diminuita al 15,2% rispetto al 18,3% dell'anno precedente. L'azienda ha mantenuto un buon numero di contratti per comunità a 9,6, significativamente sopra la loro media storica del primo trimestre di 8,0. Per il secondo trimestre dell'anno fiscale 2025, HOV prevede ricavi totali tra 675 e 775 milioni di dollari e un reddito rettificato prima delle imposte sul reddito di 20-30 milioni di dollari.
Hovnanian Enterprises (NYSE: HOV) reportó resultados sólidos para el primer trimestre del año fiscal 2025, con un crecimiento notable en métricas clave. Los ingresos totales aumentaron un 13.4% a 673.6 millones de dólares, mientras que los ingresos por ventas de viviendas crecieron un 12.8% a 646.9 millones de dólares. La empresa entregó 1,254 viviendas, en comparación con 1,063 del año anterior.
Los ingresos antes de impuestos crecieron un 22.4% a 39.9 millones de dólares, con un ingreso neto que alcanzó los 28.2 millones de dólares (3.58 dólares por acción diluida). Los contratos consolidados aumentaron un 6.9% a 1,205 viviendas (643.3 millones de dólares), y el número de comunidades creció un 5.9% a 125 comunidades. Los lotes consolidados controlados aumentaron un 28.8% interanual a 43,254.
Sin embargo, el porcentaje de margen bruto en la construcción de viviendas disminuyó al 15.2% desde el 18.3% interanual. La empresa mantuvo un fuerte número de contratos por comunidad en 9.6, significativamente por encima de su promedio histórico del primer trimestre de 8.0. Para el segundo trimestre del año fiscal 2025, HOV espera ingresos totales entre 675 y 775 millones de dólares y un ingreso ajustado antes de impuestos de 20-30 millones de dólares.
호브나니안 엔터프라이즈 (NYSE: HOV)는 2025 회계연도 첫 분기 결과를 발표하며 주요 지표에서 눈에 띄는 성장을 보였습니다. 총 수익은 13.4% 증가하여 6억 7360만 달러에 달했으며, 주택 판매 수익은 12.8% 증가하여 6억 4690만 달러에 도달했습니다. 이 회사는 1,254채의 주택을 인도했으며, 이는 지난해 1,063채에서 증가한 수치입니다.
세전 수익은 22.4% 증가하여 3990만 달러에 이르렀고, 순이익은 2820만 달러(희석 주당 3.58달러)에 달했습니다. 통합 계약은 6.9% 증가하여 1,205채(6억 4330만 달러)로 늘었고, 커뮤니티 수는 5.9% 증가하여 125개 커뮤니티에 달했습니다. 총 통제된 통합 부지는 전년 대비 28.8% 증가하여 43,254개에 이릅니다.
하지만 주택 건설 총 마진 비율은 전년 대비 18.3%에서 15.2%로 감소했습니다. 이 회사는 커뮤니티당 계약 수를 9.6으로 유지하며, 이는 역사적인 첫 분기 평균인 8.0을 크게 웃도는 수치입니다. 2025 회계연도 2분기 동안 HOV는 총 수익이 6억 7500만 달러에서 7억 7500만 달러 사이에 이를 것으로 예상하며, 세전 조정 수익은 2000만 달러에서 3000만 달러 사이로 예상하고 있습니다.
Hovnanian Enterprises (NYSE: HOV) a annoncé de bons résultats pour le premier trimestre de l'exercice 2025, avec une croissance notable dans les indicateurs clés. Les revenus totaux ont augmenté de 13,4 % pour atteindre 673,6 millions de dollars, tandis que les revenus des ventes de maisons ont augmenté de 12,8 % pour atteindre 646,9 millions de dollars. L'entreprise a livré 1 254 maisons, contre 1 063 l'année précédente.
Le revenu avant impôts a augmenté de 22,4 % pour atteindre 39,9 millions de dollars, avec un revenu net atteignant 28,2 millions de dollars (3,58 dollars par action diluée). Les contrats consolidés ont augmenté de 6,9 % pour atteindre 1 205 maisons (643,3 millions de dollars), et le nombre de communautés a augmenté de 5,9 % pour atteindre 125 communautés. Le nombre total de terrains contrôlés consolidés a augmenté de 28,8 % d'une année sur l'autre pour atteindre 43 254.
Cependant, le pourcentage de marge brute dans la construction de maisons a diminué à 15,2 % contre 18,3 % d'une année sur l'autre. L'entreprise a maintenu un bon nombre de contrats par communauté à 9,6, bien au-dessus de sa moyenne historique du premier trimestre de 8,0. Pour le deuxième trimestre de l'exercice 2025, HOV s'attend à des revenus totaux compris entre 675 et 775 millions de dollars et un revenu ajusté avant impôts de 20 à 30 millions de dollars.
Hovnanian Enterprises (NYSE: HOV) hat starke Ergebnisse für das erste Quartal des Geschäftsjahres 2025 gemeldet, mit bemerkenswertem Wachstum in wichtigen Kennzahlen. Die Gesamterlöse stiegen um 13,4% auf 673,6 Millionen Dollar, während die Erlöse aus Hausverkäufen um 12,8% auf 646,9 Millionen Dollar zunahmen. Das Unternehmen lieferte 1.254 Häuser aus, gegenüber 1.063 im Vorjahr.
Das Einkommen vor Steuern wuchs um 22,4% auf 39,9 Millionen Dollar, während der Nettogewinn 28,2 Millionen Dollar (3,58 Dollar pro verwässerter Aktie) erreichte. Die konsolidierten Verträge stiegen um 6,9% auf 1.205 Häuser (643,3 Millionen Dollar), und die Anzahl der Gemeinschaften stieg um 5,9% auf 125 Gemeinschaften. Die insgesamt kontrollierten konsolidierten Grundstücke nahmen im Jahresvergleich um 28,8% auf 43.254 zu.
Allerdings sank der Bruttomargenanteil im Hausbau im Jahresvergleich von 18,3% auf 15,2%. Das Unternehmen hielt eine starke Anzahl von Verträgen pro Gemeinschaft bei 9,6, was deutlich über dem historischen Durchschnitt des ersten Quartals von 8,0 liegt. Für das zweite Quartal des Geschäftsjahres 2025 erwartet HOV Gesamterlöse zwischen 675 und 775 Millionen Dollar sowie ein bereinigtes Einkommen vor Steuern von 20 bis 30 Millionen Dollar.
- Total revenues increased 13.4% to $673.6 million
- Home deliveries up 18% to 1,254 homes
- Income before income taxes grew 22.4% to $39.9 million
- Consolidated contracts increased 6.9% to 1,205 homes
- Total controlled lots increased 28.8% to 43,254
- Community count rose 5.9% to 125 communities
- Homebuilding gross margin decreased to 15.2% from 18.3%
- Contract backlog value decreased 16.1% to $931.9 million
- Cancellation rate increased to 16% from 14%
Insights
Hovnanian's Q1 FY2025 results demonstrate strong operational execution despite challenging market conditions. The 13.4% revenue growth to $673.6M and 22.4% increase in pre-tax income to $39.9M showcase the company's ability to drive growth while managing costs effectively.
The reduction in SG&A as a percentage of revenue from
The company's strategic pivot to quick-move-in homes, while contributing to a
Particularly noteworthy is Hovnanian's land-light strategy, with 84% of lots optioned - a company record that significantly reduces capital exposure and enhances financial flexibility. The 28.8% increase in total controlled lots to 43,254 provides robust growth potential while maintaining disciplined capital allocation.
The company's industry-leading performance metrics - including a 33% ROE and 29.8% Adjusted EBIT ROI - reflect superior capital efficiency compared to peers. The achievement of target liquidity range at
Looking ahead, while Q2 guidance suggests some moderation in earnings, the company's operational improvements and strategic positioning should help navigate market challenges effectively. The planned early redemption of
Income Before Income Taxes Increased
Total Consolidated Lots Controlled Increased
MATAWAN, N.J., Feb. 24, 2025 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, reported results for its fiscal first quarter ended January 31, 2025.
RESULTS FOR THE THREE-MONTHS ENDED JANUARY 31, 2025:
- Total revenues increased
13.4% to$673.6 million in the first quarter of fiscal 2025, compared with$594.2 million in the same quarter of the prior year. - Sale of homes revenues increased
12.8% to$646.9 million (1,254 homes) in the fiscal 2025 first quarter compared with$573.6 million (1,063 homes) in the previous year’s first quarter. - Domestic unconsolidated joint ventures(1) sale of homes revenues for the first quarter of fiscal 2025 was
$131.8 million (197 homes) compared with$116.9 million (167 homes) for the three months ended January 31, 2024. - Sale of homes revenues, including domestic unconsolidated joint ventures, increased
12.8% to$778.7 million (1,451 homes) in the first quarter of fiscal 2025 compared with$690.6 million (1,230 homes) during the first quarter of fiscal 2024. - Homebuilding gross margin percentage, after cost of sales interest expense and land charges, was
15.2% for the three months ended January 31, 2025, compared with18.3% during the first quarter a year ago. - Homebuilding gross margin percentage, before cost of sales interest expense and land charges, was
18.3% during the fiscal 2025 first quarter, which was near the high end of the guidance range we provided, compared with21.8% in last year’s first quarter. - Total SG&A was
$86.9 million , or12.9% of total revenues, in the first quarter of fiscal 2025 compared with$86.1 million , or14.5% of total revenues, in the first quarter of fiscal 2024. - Total interest expense as a percent of total revenues decreased to
4.3% for the first quarter of fiscal 2025, as we continue to reduce our leverage, compared with5.1% for the first quarter of fiscal 2024. - Income before income taxes for the first quarter of fiscal 2025 increased
22.4% to$39.9 million compared with$32.6 million in the first quarter of the prior fiscal year. The year-over-year increase illustrates that delivery growth, SG&A ratio improvements, lower interest and contributions from unconsolidated joint ventures can offset lower gross margins. - Income before income taxes excluding land-related charges and gain on extinguishment of debt, net increased
29.9% to$40.9 million in the first quarter of fiscal 2025 compared with income before these items of$31.5 million in the first quarter of fiscal 2024. - Net income was
$28.2 million , or$3.58 per diluted common share, for the three months ended January 31, 2025, compared with net income of$23.9 million , or$2.91 per diluted common share, in the same period of the previous fiscal year. - EBITDA was
$71.0 million for the first quarter of fiscal 2025 compared with$64.5 million for the first quarter of the prior year. - Consolidated contracts in the first quarter of fiscal 2025 increased
6.9% to 1,205 homes ($643.3 million ) compared with 1,127 homes ($624.4 million ) in the same quarter last year. Contracts, including domestic unconsolidated joint ventures, for the three months ended January 31, 2025, increased9.5% to 1,400 homes ($770.8 million ) compared with 1,279 homes ($724.5 million ) in the first quarter of fiscal 2024. - As of January 31, 2025, consolidated community count increased
5.9% to 125 communities, compared with 118 communities as of January 31, 2024. Community count, including domestic unconsolidated joint ventures, increased9.6% to 148 as of January 31, 2025, compared with 135 communities as of January 31, 2024. - Consolidated contracts per community were 9.6 in both the first quarter of fiscal 2025 and the first quarter of fiscal 2024. This is significantly higher than our historical quarterly average for the first quarter since 1997 of 8.0 contracts per community. Contracts per community, including domestic unconsolidated joint ventures, were 9.5 in both the three months ended January 31, 2025 and the same quarter one year ago.
- The dollar value of consolidated contract backlog, as of January 31, 2025, decreased
16.1% to$931.9 million compared with$1.11 billion as of January 31, 2024. The dollar value of contract backlog, including domestic unconsolidated joint ventures, as of January 31, 2025, decreased9.1% to$1.23 billion compared with$1.35 billion as of January 31, 2024. The year-over-year decrease in backlog is partly due to increased sales of quick move in homes, which are in backlog for a very short period of time. - The gross contract cancellation rate for consolidated contracts was
16% for the first quarter ended January 31, 2025, compared with14% in the fiscal 2024 first quarter. The gross contract cancellation rate for contracts, including domestic unconsolidated joint ventures, was16% for the first quarter of fiscal 2025 compared with14% in the first quarter of the prior year. - For the trailing twelve-month period our return on equity (ROE) was
33.0% . For the trailing twelve-month period our net income return on inventory was15.7% and our adjusted earnings before interest and income taxes return on investment (Adjusted EBIT ROI) was29.8% . We believe that for the most recently reported trailing twelve-month periods, we had the second highest ROE, and the third highest Adjusted EBIT ROI compared to 14 of our publicly traded peers.
(1)When we refer to “Domestic Unconsolidated Joint Ventures”, we are excluding results from our multi-community unconsolidated joint venture in the Kingdom of Saudi Arabia (KSA).
LIQUIDITY AND INVENTORY AS OF JANUARY 31, 2025:
- During the first quarter of fiscal 2025, land and land development spending increased
7.5% and84.2% to$247.6 million compared with$230.4 million in the same quarter one year ago and$134.4 million in the first quarter of fiscal 2023, respectively. - Total liquidity as of January 31, 2025, was
$222.4 million , which was finally within our targeted liquidity range of$170 million to$245 million . We are happy that we are fully invested after years of having excess cash. - During the first quarter of fiscal 2025, we repurchased 131,460 shares of common stock for
$17.9 million or an average price of$135.93 per share. - In the first quarter of fiscal 2025, approximately 5,800 lots were put under option or acquired in 41 consolidated communities.
- As of January 31, 2025, our total controlled consolidated lots were 43,254, an increase of
28.8% compared with 33,576 lots at the end of the previous fiscal year’s first quarter. This is the second quarter in a row that84% of our lots were optioned. The highest percentage of option lots we have ever had continuing our land-light strategic focus. The total controlled consolidated lots also increased sequentially from 41,891 lots as of October 31, 2024. Based on trailing twelve-month deliveries, the current position equaled a 7.8 years’ supply.
FINANCIAL GUIDANCE(2):
The Company is providing guidance for total revenues, adjusted homebuilding gross margin, adjusted income before income taxes and adjusted EBITDA for the second quarter of fiscal 2025. Financial guidance below assumes no adverse changes in current market conditions, including deterioration in our supply chain or material increases in mortgage rates, inflation or cancellation rates, and excludes further impact to SG&A expenses from phantom stock expense related solely to stock price movements from the closing price of
For the second quarter of fiscal 2025, total revenues are expected to be between
Prior to the end of the second quarter of fiscal 2025, our intention is to redeem early the remaining
(2)The Company cannot provide a reconciliation between its non-GAAP projections and the most directly comparable GAAP measures without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items required for the reconciliation. These items include, but are not limited to, land-related charges, inventory impairments and land option write-offs and loss (gain) on extinguishment of debt, net. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results.
COMMENTS FROM MANAGEMENT:
"I’m pleased to report that our results for the first quarter were either within or better than the range of expectations we provided, reflecting the strength of our team's efforts and our ability to adapt to the market conditions,” stated Ara K. Hovnanian, Chairman of the Board, President and Chief Executive Officer. “Despite the challenges presented by persistently high mortgage rates and monthly sales volatility, we have experienced healthy demand for our homes. Our consolidated contracts per community were 9.6 for the first quarter of fiscal 2025, which is significantly higher than our historical average for the first quarter since 1997 of 8.0 contracts per community. All in all, despite the slower start to the spring selling season and the month to month volatility, we are excited about the long-term fundamentals and our lot count growth as we continue to deliver exceptional homes to our homebuyers.”
“As we navigate through the current homebuilding environment, we remain focused on driving strong return on equity and return on investment as key measures of our financial performance. Our recently approved land acquisitions were underwritten at the current sales pace and with a high level of incentives, which should lead to higher returns than land approved before the significant increase in incentives. Our goal is to improve operational efficiencies, optimize capital allocation and maintain disciplined cost management across all aspects of the business, and grow revenues which should enhance profitability without sacrificing our commitment to building quality homes. We are always looking for opportunities to maximize the value of our land assets, as well as reducing our risk through continued use of options and joint ventures. With these efforts in place, we are confident in our ability to generate sustained, strong returns for our shareholders in the long term,” concluded Mr. Hovnanian.
WEBCAST INFORMATION:
Hovnanian Enterprises will webcast its fiscal 2025 first quarter financial results conference call at 11:00 a.m. E.T. on Monday, February 24, 2025. The webcast can be accessed live through the “Investor Relations” section of Hovnanian Enterprises’ website at http://www.khov.com. For those who are not available to listen to the live webcast, an archive of the broadcast will be available under the “Past Events” section of the Investor Relations page on the Hovnanian website at http://www.khov.com. The archive will be available for 12 months.
ABOUT HOVNANIAN ENTERPRISES, INC.:
Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Matawan, New Jersey and, through its subsidiaries, is one of the nation’s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. The Company’s homes are marketed and sold under the trade name K. Hovnanian® Homes. Additionally, the Company’s subsidiaries, as developers of K. Hovnanian’s® Four Seasons communities, make the Company one of the nation’s largest builders of active lifestyle communities.
Additional information on Hovnanian Enterprises, Inc. can be accessed through the “Investor Relations” section of the Hovnanian Enterprises’ website at http://www.khov.com. To be added to Hovnanian's investor e-mail list, please send an e-mail to IR@khov.com or sign up at http://www.khov.com.
NON-GAAP FINANCIAL MEASURES:
Consolidated earnings before interest expense and income taxes (“EBIT”) and before depreciation and amortization (“EBITDA”) and before inventory impairments and land option write-offs and loss (gain) on extinguishment of debt, net (“Adjusted EBITDA”), the ratio of Adjusted EBITDA to interest incurred and EBIT before inventory impairments and land option write-offs and loss (gain) on extinguishment of debt, net (“Adjusted EBIT”) are not U.S. generally accepted accounting principles (“GAAP”) financial measures. The most directly comparable GAAP financial measure is net income. The reconciliation for historical periods of EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA to net income are presented in tables attached to this earnings release.
Homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively. The reconciliation for historical periods of homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, to homebuilding gross margin and homebuilding gross margin percentage, respectively, is presented in a table attached to this earnings release.
Adjusted income before income taxes, which is defined as income before income taxes excluding land-related charges and loss (gain) on extinguishment of debt, net is a non-GAAP financial measure. The most directly comparable GAAP financial measure is income before income taxes. The reconciliation for historical periods of adjusted income before income taxes to income before income taxes is presented in a table attached to this earnings release.
Adjusted investment, which is defined as total inventories excluding liabilities from inventory not owned, net of debt issuance costs and interest capitalized and including investments in and advances to unconsolidated joint ventures (“Adjusted Investment”), is a non-GAAP financial measure. The most directly comparable GAAP financial measure is total inventories. The reconciliation for historical periods of Adjusted Investment to total inventories is presented in a table attached to this earnings release.
The ratio of Adjusted EBIT return on adjusted investment (“Adjusted EBIT ROI”), which is the ratio of Adjusted EBIT for the trailing twelve-months, to the average Adjusted Investment for the prior five fiscal quarters, is a non-GAAP financial measure. The most directly comparable GAAP financial measure is the ratio of net income return to total inventories. The presentation of the ratios of Adjusted EBIT ROI and net income return on inventory are presented in a table attached to this earnings release.
Total liquidity is comprised of
FORWARD-LOOKING STATEMENTS
All statements in this press release that are not historical facts should be considered as “Forward-Looking Statements” within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such forward-looking statements include but are not limited to statements related to the Company’s goals and expectations with respect to its financial results for future financial periods and statements regarding demand for homes, mortgage rates, inflation, supply chain issues, customer incentives and underlying factors. Although we believe that our plans, intentions and expectations reflected in, or suggested by, such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are not guarantees of future performance or results and (iii) are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements as a result of a variety of factors. Such risks, uncertainties and other factors include, but are not limited to, (1) changes in general and local economic, industry and business conditions and impacts of a significant homebuilding downturn; (2) shortages in, and price fluctuations of, raw materials and labor, including due to geopolitical events, changes in trade policies, including the imposition of tariffs and duties on homebuilding materials and products and related trade disputes with and retaliatory measures taken by other countries; (3) fluctuations in interest rates and the availability of mortgage financing, including as a result of instability in the banking sector; (4) increases in inflation; (5) adverse weather and other environmental conditions and natural disasters; (6) the seasonality of the Company’s business; (7) the availability and cost of suitable land and improved lots and sufficient liquidity to invest in such land and lots; (8) reliance on, and the performance of, subcontractors; (9) regional and local economic factors, including dependency on certain sectors of the economy, and employment levels affecting home prices and sales activity in the markets where the Company builds homes; (10) increases in cancellations of agreements of sale; (11) changes in tax laws affecting the after-tax costs of owning a home; (12) legal claims brought against us and not resolved in our favor, such as product liability litigation, warranty claims and claims made by mortgage investors; (13) levels of competition; (14) utility shortages and outages or rate fluctuations; (15) information technology failures and data security breaches; (16) negative publicity; (17) global economic and political instability (18) high leverage and restrictions on the Company’s operations and activities imposed by the agreements governing the Company’s outstanding indebtedness; (19) availability and terms of financing to the Company; (20) the Company’s sources of liquidity; (21) changes in credit ratings; (22) government regulation, including regulations concerning development of land, the home building, sales and customer financing processes, tax laws and the environment; (23) potential liability as a result of the past or present use of hazardous materials; (24) operations through unconsolidated joint ventures with third parties; (25) significant influence of the Company’s controlling stockholders; (26) availability of net operating loss carryforwards; (27) loss of key management personnel or failure to attract qualified personnel; and (28) certain risks, uncertainties and other factors described in detail in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2024 and the Company’s Quarterly Reports on Form 10-Q for the quarterly periods during fiscal 2025 and subsequent filings with the Securities and Exchange Commission. Except as otherwise required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.
Hovnanian Enterprises, Inc. | ||||||||
January 31, 2025 | ||||||||
Statements of consolidated operations | ||||||||
(In thousands, except per share data) | ||||||||
Three Months Ended | ||||||||
January 31, | ||||||||
2025 | 2024 | |||||||
(Unaudited) | ||||||||
Total revenues | $ | 673,623 | $ | 594,196 | ||||
Costs and expenses (1) | 642,965 | 577,956 | ||||||
Gain on extinguishment of debt, net | - | 1,371 | ||||||
Income from unconsolidated joint ventures | 9,205 | 14,952 | ||||||
Income before income taxes | 39,863 | 32,563 | ||||||
Income tax provision | 11,672 | 8,659 | ||||||
Net income | 28,191 | 23,904 | ||||||
Less: preferred stock dividends | 2,669 | 2,669 | ||||||
Net income available to common stockholders | $ | 25,522 | $ | 21,235 | ||||
Per share data: | ||||||||
Basic: | ||||||||
Net income per common share | $ | 3.88 | $ | 3.11 | ||||
Weighted average number of common shares outstanding | 6,517 | 6,496 | ||||||
Assuming dilution: | ||||||||
Net income per common share | $ | 3.58 | $ | 2.91 | ||||
Weighted average number of common shares outstanding | 7,071 | 6,937 | ||||||
(1) Includes inventory impairments and land option write-offs. | ||||||||
Hovnanian Enterprises, Inc. | ||||||||
January 31, 2025 | ||||||||
Reconciliation of income before income taxes excluding land-related charges and gain on extinguishment of debt, net to income before income taxes | ||||||||
(In thousands) | ||||||||
Three Months Ended | ||||||||
January 31, | ||||||||
2025 | 2024 | |||||||
(Unaudited) | ||||||||
Income before income taxes | $ | 39,863 | $ | 32,563 | ||||
Inventory impairments and land option write-offs | 1,040 | 302 | ||||||
Gain on extinguishment of debt, net | - | (1,371 | ) | |||||
Income before income taxes excluding land-related charges and gain on extinguishment of debt, net (1) | $ | 40,903 | $ | 31,494 | ||||
(1) Income before income taxes excluding land-related charges and gain on extinguishment of debt, net is a non-GAAP financial measure. The most directly comparable GAAP financial measure is income before income taxes. |
Hovnanian Enterprises, Inc. | ||||||||
January 31, 2025 | ||||||||
Gross margin | ||||||||
(In thousands) | ||||||||
Homebuilding Gross Margin | ||||||||
Three Months Ended | ||||||||
January 31, | ||||||||
2025 | 2024 | |||||||
(Unaudited) | ||||||||
Sale of homes | $ | 646,914 | $ | 573,636 | ||||
Cost of sales, excluding interest expense and land charges (1) | 528,745 | 448,448 | ||||||
Homebuilding gross margin, before cost of sales interest expense and land charges (2) | 118,169 | 125,188 | ||||||
Cost of sales interest expense, excluding land sales interest expense | 18,738 | 19,898 | ||||||
Homebuilding gross margin, after cost of sales interest expense, before land charges (2) | 99,431 | 105,290 | ||||||
Land charges | 1,040 | 302 | ||||||
Homebuilding gross margin | $ | 98,391 | $ | 104,988 | ||||
Homebuilding gross margin percentage | ||||||||
Homebuilding gross margin percentage, before cost of sales interest expense and land charges (2) | ||||||||
Homebuilding gross margin percentage, after cost of sales interest expense, before land charges (2) | ||||||||
Land Sales Gross Margin | ||||||||
Three Months Ended | ||||||||
January 31, | ||||||||
2025 | 2024 | |||||||
(Unaudited) | ||||||||
Land and lot sales | $ | 6,826 | $ | 1,340 | ||||
Cost of sales, excluding interest (1) | 4,545 | 765 | ||||||
Land and lot sales gross margin, excluding interest and land charges | 2,281 | 575 | ||||||
Land and lot sales interest expense | 618 | - | ||||||
Land and lot sales gross margin, including interest | $ | 1,663 | $ | 575 | ||||
(1) Does not include cost associated with walking away from land options or inventory impairment losses which are recorded as Inventory impairment loss and land option write-offs in the Condensed Consolidated Statements of Operations. | ||||||||
(2) Homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively. |
Hovnanian Enterprises, Inc. | ||||||||
January 31, 2025 | ||||||||
Reconciliation of adjusted EBITDA to net income | ||||||||
(In thousands) | ||||||||
Three Months Ended | ||||||||
January 31, | ||||||||
2025 | 2024 | |||||||
(Unaudited) | ||||||||
Net income | $ | 28,191 | $ | 23,904 | ||||
Income tax provision | 11,672 | 8,659 | ||||||
Interest expense | 28,873 | 30,349 | ||||||
EBIT (1) | 68,736 | 62,912 | ||||||
Depreciation and amortization | 2,298 | 1,598 | ||||||
EBITDA (2) | 71,034 | 64,510 | ||||||
Inventory impairments and land option write-offs | 1,040 | 302 | ||||||
Gain on extinguishment of debt, net | - | (1,371 | ) | |||||
Adjusted EBITDA (3) | $ | 72,074 | $ | 63,441 | ||||
Interest incurred | $ | 29,855 | $ | 31,961 | ||||
Adjusted EBITDA to interest incurred | 2.41 | 1.98 | ||||||
(1) EBIT is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income. EBIT represents earnings before interest expense and income taxes. | ||||||||
(2) EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income. EBITDA represents earnings before interest expense, income taxes, depreciation and amortization. | ||||||||
(3) Adjusted EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income. Adjusted EBITDA represents earnings before interest expense, income taxes, depreciation, amortization, inventory impairments and land option write-offs and gain on extinguishment of debt, net. | ||||||||
Hovnanian Enterprises, Inc. | ||||||||
January 31, 2025 | ||||||||
Interest incurred, expensed and capitalized | ||||||||
(In thousands) | ||||||||
Three Months Ended | ||||||||
January 31, | ||||||||
2025 | 2024 | |||||||
(Unaudited) | ||||||||
Interest capitalized at beginning of period | $ | 57,671 | $ | 52,060 | ||||
Plus: interest incurred | 29,855 | 31,961 | ||||||
Less: interest expensed | (28,873 | ) | (30,349 | ) | ||||
Less: interest contributed to unconsolidated joint ventures (1) | (5,769 | ) | - | |||||
Interest capitalized at end of period (2) | $ | 52,884 | $ | 53,672 | ||||
(1) Represents capitalized interest which was included as part of the assets contributed to joint ventures the company entered into during the three months ended January 31, 2025. There was no impact to the Condensed Consolidated Statement of Operations as a result of these transactions. | ||||||||
(2) Capitalized interest amounts are shown gross before allocating any portion of impairments to capitalized interest. |
Hovnanian Enterprises, Inc. | ||||||||||||||||||||||||
January 31, 2025 | ||||||||||||||||||||||||
Reconciliation of Adjusted EBIT Return on Adjusted Investment | ||||||||||||||||||||||||
(In thousands) | LTM | |||||||||||||||||||||||
For the quarter ended | ended | |||||||||||||||||||||||
4/30/2024 | 7/31/2024 | 10/31/2024 | 1/31/2025 | 1/31/2025 | ||||||||||||||||||||
Net income | $ | 50,836 | $ | 72,919 | $ | 94,349 | $ | 28,191 | $ | 246,295 | ||||||||||||||
As of | Five Quarter | |||||||||||||||||||||||
1/31/2024 | 4/30/2024 | 7/31/2024 | 10/31/2024 | 1/31/2025 | Average | |||||||||||||||||||
Total inventories | $ | 1,463,558 | $ | 1,417,058 | $ | 1,650,470 | $ | 1,644,804 | $ | 1,666,490 | $ | 1,568,476 | ||||||||||||
Return on Inventory | | |||||||||||||||||||||||
For the quarter ended | LTM ended | |||||||||||||||||||||||
4/30/2024 | 7/31/2024 | 10/31/2024 | 1/31/2025 | 01/31/2025 | ||||||||||||||||||||
Net income | $ | 50,836 | $ | 72,919 | $ | 94,349 | $ | 28,191 | $ | 246,295 | ||||||||||||||
Income tax provision | 18,556 | 24,350 | 23,516 | 11,672 | 78,094 | |||||||||||||||||||
Interest expense | 30,512 | 28,578 | 31,120 | 28,873 | 119,083 | |||||||||||||||||||
EBIT(1) | 99,904 | 125,847 | 148,985 | 68,736 | 443,472 | |||||||||||||||||||
Inventory impairments and land option write-offs | 237 | 3,099 | 7,918 | 1,040 | 12,294 | |||||||||||||||||||
Loss (gain) on extinguishment of debt, net | - | - | - | - | - | |||||||||||||||||||
Adjusted EBIT(2) | $ | 100,141 | $ | 128,946 | $ | 156,903 | $ | 69,776 | $ | 455,766 | ||||||||||||||
As of | ||||||||||||||||||||||||
1/31/2024 | 4/30/2024 | 7/31/2024 | 10/31/2024 | 1/31/2025 | ||||||||||||||||||||
Total inventories | $ | 1,463,558 | $ | 1,417,058 | $ | 1,650,470 | $ | 1,644,804 | $ | 1,666,490 | ||||||||||||||
Less Liabilities from inventory not owned, net of debt issuance costs | (114,658 | ) | (86,618 | ) | (135,559 | ) | (140,298 | ) | (156,274 | ) | ||||||||||||||
Less Interest capitalized at end of period | (53,672 | ) | (52,222 | ) | (54,592 | ) | (57,671 | ) | (52,884 | ) | ||||||||||||||
Plus Investments in and advances to unconsolidated joint ventures | 110,592 | 150,674 | 126,318 | 142,910 | 172,679 | Five Quarter Average | ||||||||||||||||||
Adjusted Investment (3) | $ | 1,405,820 | $ | 1,428,892 | $ | 1,586,637 | $ | 1,589,745 | $ | 1,630,011 | $ | 1,528,221 | ||||||||||||
Adjusted EBIT Return on Adjusted Investment (4) | | |||||||||||||||||||||||
(1) EBIT is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income. EBIT represents earnings before interest expense and income taxes. (2) Adjusted EBIT is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income. Adjusted EBIT represents earnings before interest expense, income taxes, inventory impairments and land option write-offs and loss (gain) on extinguishment of debt, net. (3) Adjusted Investment is a non-GAAP financial measure. The most directly comparable GAAP financial measure is total inventories. Adjusted Investment represents total inventories excluding liabilities from inventory not owned, net of debt issuance costs and interest capitalized and including investments in and advances to unconsolidated joint ventures. (4) The ratio of Adjusted EBIT Return on Adjusted Investment is a non-GAAP financial measure. The most directly comparable GAAP financial measure is the ratio of net income to total inventories. |
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES// CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) | ||||||||
January 31, | October 31, | |||||||
2025 | 2024 | |||||||
(Unaudited) | (1) | |||||||
ASSETS | ||||||||
Homebuilding: | ||||||||
Cash and cash equivalents | $ | 94,258 | $ | 209,976 | ||||
Restricted cash and cash equivalents | 8,449 | 7,875 | ||||||
Inventories: | ||||||||
Sold and unsold homes and lots under development | 1,143,376 | 1,195,318 | ||||||
Land and land options held for future development or sale | 286,186 | 238,499 | ||||||
Consolidated inventory not owned | 236,928 | 210,987 | ||||||
Total inventories | 1,666,490 | 1,644,804 | ||||||
Investments in and advances to unconsolidated joint ventures | 172,679 | 142,910 | ||||||
Receivables, deposits and notes, net | 74,221 | 29,400 | ||||||
Property and equipment, net | 44,820 | 43,431 | ||||||
Prepaid expenses and other assets | 79,235 | 82,525 | ||||||
Total homebuilding | 2,140,152 | 2,160,921 | ||||||
Financial services | 162,996 | 203,589 | ||||||
Deferred tax assets, net | 230,127 | 241,064 | ||||||
Total assets | $ | 2,533,275 | $ | 2,605,574 | ||||
LIABILITIES AND EQUITY | ||||||||
Homebuilding: | ||||||||
Nonrecourse mortgages secured by inventory, net of debt issuance costs | $ | 87,633 | $ | 90,675 | ||||
Accounts payable and other liabilities | 360,436 | 433,273 | ||||||
Customers’ deposits | 42,551 | 41,639 | ||||||
Liabilities from inventory not owned, net of debt issuance costs | 156,274 | 140,298 | ||||||
Senior notes and credit facilities (net of discounts, premiums and debt issuance costs) | 893,706 | 896,218 | ||||||
Accrued interest | 32,549 | 14,508 | ||||||
Total homebuilding | 1,573,149 | 1,616,611 | ||||||
Financial services | 142,342 | 183,135 | ||||||
Income taxes payable | 6,358 | 5,479 | ||||||
Total liabilities | 1,721,849 | 1,805,225 | ||||||
Equity: | ||||||||
Hovnanian Enterprises, Inc. stockholders' equity: | ||||||||
Preferred stock, | 135,299 | 135,299 | ||||||
Common stock, Class A, | 64 | 64 | ||||||
Common stock, Class B, | 8 | 8 | ||||||
Paid in capital - common stock | 753,357 | 749,752 | ||||||
Retained earnings | 99,658 | 74,136 | ||||||
Treasury stock - at cost – 1,221,639 shares of Class A common stock at January 31, 2025 and 1,090,179 shares at October 31, 2024; 27,669 shares of Class B common stock at January 31, 2025 and October 31, 2024 | (176,960 | ) | (158,910 | ) | ||||
Total stockholders’ equity | 811,426 | 800,349 | ||||||
Total liabilities and equity | $ | 2,533,275 | $ | 2,605,574 | ||||
(1) Derived from the audited balance sheet as of October 31, 2024
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) | |||||||||
Three Months Ended January 31, | |||||||||
2025 | 2024 | ||||||||
Revenues: | |||||||||
Homebuilding: | |||||||||
Sale of homes | $ | 646,914 | $ | 573,636 | |||||
Land sales and other revenues | 9,767 | 5,292 | |||||||
Total homebuilding | 656,681 | 578,928 | |||||||
Financial services | 16,942 | 15,268 | |||||||
Total revenues | 673,623 | 594,196 | |||||||
Expenses: | |||||||||
Homebuilding: | |||||||||
Cost of sales, excluding interest | 533,290 | 449,213 | |||||||
Cost of sales interest | 19,356 | 19,898 | |||||||
Inventory impairments and land option write-offs | 1,040 | 302 | |||||||
Total cost of sales | 553,686 | 469,413 | |||||||
Selling, general and administrative | 54,253 | 48,937 | |||||||
Total homebuilding expenses | 607,939 | 518,350 | |||||||
Financial services | 13,437 | 11,471 | |||||||
Corporate general and administrative | 32,692 | 37,133 | |||||||
Other interest | 9,517 | 10,451 | |||||||
Other (income) expense, net (1) | (20,620 | ) | 551 | ||||||
Total expenses | 642,965 | 577,956 | |||||||
Gain on extinguishment of debt, net | - | 1,371 | |||||||
Income from unconsolidated joint ventures | 9,205 | 14,952 | |||||||
Income before income taxes | 39,863 | 32,563 | |||||||
State and federal income tax provision: | |||||||||
State | 2,049 | 2,206 | |||||||
Federal | 9,623 | 6,453 | |||||||
Total income taxes | 11,672 | 8,659 | |||||||
Net income | 28,191 | 23,904 | |||||||
Less: preferred stock dividends | 2,669 | 2,669 | |||||||
Net income available to common stockholders | $ | 25,522 | $ | 21,235 | |||||
Per share data: | |||||||||
Basic: | |||||||||
Net income per common share | $ | 3.88 | $ | 3.11 | |||||
Weighted-average number of common shares outstanding | 6,517 | 6,496 | |||||||
Assuming dilution: | |||||||||
Net income per common share | $ | 3.58 | $ | 2.91 | |||||
Weighted-average number of common shares outstanding | 7,071 | 6,937 | |||||||
(1) Includes gain on contribution of assets to a joint venture of
HOVNANIAN ENTERPRISES, INC. | |||||||||||||||||||
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE) | |||||||||||||||||||
(SEGMENT DATA EXCLUDES UNCONSOLIDATED JOINT VENTURES) | |||||||||||||||||||
Contracts (1) | Deliveries | Contract | |||||||||||||||||
Three Months Ended | Three Months Ended | Backlog | |||||||||||||||||
January 31, | January 31, | January 31, | |||||||||||||||||
2025 | 2024 | % Change | 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||
Northeast | |||||||||||||||||||
(DE, MD, NJ, OH, PA, VA, WV) | Home | 440 | 383 | 445 | 332 | 777 | 668 | ||||||||||||
Dollars | $ | 251,636 | $ | 248,753 | $ | 281,648 | $ | 189,989 | $ | 501,469 | $ | 478,864 | |||||||
Avg. Price | $ | 571,900 | $ | 649,486 | (11.9)% | $ | 632,917 | $ | 572,256 | $ | 645,391 | $ | 716,862 | (10.0)% | |||||
Southeast | |||||||||||||||||||
(FL, GA, SC) | Home | 136 | 110 | 124 | 195 | (36.4)% | 251 | 530 | (52.6)% | ||||||||||
Dollars | $ | 76,099 | $ | 68,671 | $ | 51,437 | $ | 105,628 | (51.3)% | $ | 146,636 | $ | 267,294 | (45.1)% | |||||
Avg. Price | $ | 559,551 | $ | 624,282 | (10.4)% | $ | 414,815 | $ | 541,682 | (23.4)% | $ | 584,207 | $ | 504,328 | |||||
West (2) | |||||||||||||||||||
(AZ, CA, TX) | Home | 629 | 634 | (0.8)% | 685 | 536 | 570 | 690 | (17.4)% | ||||||||||
Dollars | $ | 315,532 | $ | 306,928 | $ | 313,829 | $ | 278,019 | $ | 283,816 | $ | 365,172 | (22.3)% | ||||||
Avg. Price | $ | 501,641 | $ | 484,114 | $ | 458,145 | $ | 518,692 | (11.7)% | $ | 497,923 | $ | 529,235 | (5.9)% | |||||
Consolidated Total | |||||||||||||||||||
Home | 1,205 | 1,127 | 1,254 | 1,063 | 1,598 | 1,888 | (15.4)% | ||||||||||||
Dollars | $ | 643,267 | $ | 624,352 | $ | 646,914 | $ | 573,636 | $ | 931,921 | $ | 1,111,330 | (16.1)% | ||||||
Avg. Price | $ | 533,832 | $ | 553,995 | (3.6)% | $ | 515,880 | $ | 539,639 | (4.4)% | $ | 583,180 | $ | 588,628 | (0.9)% | ||||
Unconsolidated Joint Ventures (2) (3) | |||||||||||||||||||
(excluding KSA JV) | Home | 195 | 152 | 197 | 167 | 403 | 357 | ||||||||||||
Dollars | $ | 127,485 | $ | 100,105 | $ | 131,776 | $ | 116,935 | $ | 294,875 | $ | 238,809 | |||||||
Avg. Price | $ | 653,769 | $ | 658,586 | (0.7)% | $ | 668,914 | $ | 700,210 | (4.5)% | $ | 731,700 | $ | 668,933 | |||||
Grand Total | |||||||||||||||||||
Home | 1,400 | 1,279 | 1,451 | 1,230 | 2,001 | 2,245 | (10.9)% | ||||||||||||
Dollars | $ | 770,752 | $ | 724,457 | $ | 778,690 | $ | 690,571 | $ | 1,226,796 | $ | 1,350,139 | (9.1)% | ||||||
Avg. Price | $ | 550,537 | $ | 566,425 | (2.8)% | $ | 536,657 | $ | 561,440 | (4.4)% | $ | 613,091 | $ | 601,398 | |||||
KSA JV Only | |||||||||||||||||||
Home | 198 | 69 | 0 | 39 | (100.0)% | 474 | 80 | ||||||||||||
Dollars | $ | 50,272 | $ | 14,108 | $ | 0 | $ | 8,274 | (100.0)% | $ | 114,632 | $ | 13,958 | ||||||
Avg. Price | $ | 253,899 | $ | 204,464 | $ | 0 | $ | 212,154 | (100.0)% | $ | 241,840 | $ | 174,475 | ||||||
DELIVERIES INCLUDE EXTRAS | |||||||||||||||||||
Notes: | |||||||||||||||||||
(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts. | |||||||||||||||||||
(2) Reflects the reclassification of 8 homes and (3) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “Income from unconsolidated joint ventures”. |
HOVNANIAN ENTERPRISES, INC. | |||||||||||||||||||
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE) | |||||||||||||||||||
(SEGMENT DATA UNCONSOLIDATED JOINT VENTURES ONLY) | |||||||||||||||||||
Contracts (1) | Deliveries | Contract | |||||||||||||||||
Three Months Ended | Three Months Ended | Backlog | |||||||||||||||||
January 31, | January 31, | January 31, | |||||||||||||||||
2025 | 2024 | % Change | 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||
Northeast | |||||||||||||||||||
(Unconsolidated Joint Ventures) | Home | 117 | 71 | 109 | 91 | 282 | 140 | ||||||||||||
(Excluding KSA JV) | Dollars | $ | 78,729 | $ | 57,356 | $ | 80,890 | $ | 68,176 | $ | 210,209 | $ | 110,741 | ||||||
(DE, MD, NJ, OH, PA, VA, WV) | Avg. Price | $ | 672,897 | $ | 807,831 | (16.7)% | $ | 742,110 | $ | 749,187 | (0.9)% | $ | 745,422 | $ | 791,007 | (5.8)% | |||
Southeast | |||||||||||||||||||
(Unconsolidated Joint Ventures) | Home | 67 | 55 | 79 | 50 | 106 | 191 | (44.5)% | |||||||||||
(FL, GA, SC) | Dollars | $ | 42,990 | $ | 31,168 | $ | 46,848 | $ | 35,278 | $ | 76,634 | $ | 115,747 | (33.8)% | |||||
Avg. Price | $ | 641,642 | $ | 566,691 | $ | 593,013 | $ | 705,560 | (16.0)% | $ | 722,962 | $ | 606,005 | ||||||
West (2) | |||||||||||||||||||
(Unconsolidated Joint Ventures) | Home | 11 | 26 | (57.7)% | 9 | 26 | (65.4)% | 15 | 26 | (42.3)% | |||||||||
(AZ, CA, TX) | Dollars | $ | 5,766 | $ | 11,581 | (50.2)% | $ | 4,038 | $ | 13,481 | (70.0)% | $ | 8,032 | $ | 12,321 | (34.8)% | |||
Avg. Price | $ | 524,182 | $ | 445,423 | $ | 448,667 | $ | 518,500 | (13.5)% | $ | 535,467 | $ | 473,885 | ||||||
Unconsolidated Joint Ventures (2) (3) | |||||||||||||||||||
(Excluding KSA JV) | Home | 195 | 152 | 197 | 167 | 403 | 357 | ||||||||||||
Dollars | $ | 127,485 | $ | 100,105 | $ | 131,776 | $ | 116,935 | $ | 294,875 | $ | 238,809 | |||||||
Avg. Price | $ | 653,769 | $ | 658,586 | (0.7)% | $ | 668,914 | $ | 700,210 | (4.5)% | $ | 731,700 | $ | 668,933 | |||||
KSA JV Only | |||||||||||||||||||
Home | 198 | 69 | 0 | 39 | (100.0)% | 474 | 80 | ||||||||||||
Dollars | $ | 50,272 | $ | 14,108 | $ | 0 | $ | 8,274 | (100.0)% | $ | 114,632 | $ | 13,958 | ||||||
Avg. Price | $ | 253,901 | $ | 204,464 | $ | 0 | $ | 212,154 | (100.0)% | $ | 241,840 | $ | 174,475 | ||||||
DELIVERIES INCLUDE EXTRAS | |||||||||||||||||||
Notes: | |||||||||||||||||||
(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts. | |||||||||||||||||||
(2) Reflects the reclassification of 8 homes and (3) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “Income from unconsolidated joint ventures”. |
Contact: | Brad G. O’Connor | Jeffrey T. O’Keefe |
Chief Financial Officer | Vice President, Investor Relations | |
732-747-7800 | 732-747-7800 | |
