Hovnanian Enterprises Inc - HOV STOCK NEWS

Hovnanian Enterprises (NYSE: HOV) announced that Moody’s has upgraded its corporate family rating from B3 to B2. This upgrade reflects improvements in the company's leverage profile, strong operating performance, and growth in net worth, further bolstered by a recent debt exchange transaction. Moody’s maintains a stable outlook for Hovnanian. The company recently received a similar upgrade from S&P Ratings. CFO Brad G. O’Connor emphasized the company's commitment to enhancing its balance sheet, improving credit metrics, and leveraging SG&A expenses through revenue growth. Hovnanian remains optimistic about continuing to deliver strong returns amid positive trends in the for-sale home market.

Hovnanian Enterprises (NYSE: HOV), a major national homebuilder, announced that S&P Global Ratings has upgraded its issuer credit rating to 'B' from 'B-'. This upgrade reflects improved debt leverage, consistent community count growth, strong home sales demand, and effective cash flow management. S&P's outlook for Hovnanian is stable, acknowledging the company's $741 million debt reduction over recent years and its focus on revenue-driven profitability. CFO Brad G. O'Connor emphasized the commitment to balance sheet enhancement and achieving higher profitability through revenue growth.

Hovnanian Enterprises (NYSE: HOV), a prominent national homebuilder, will present at the Sidoti June Virtual Investor Conference. Senior management will present at 11:30 am ET on June 13, 2024, accessible via a provided Zoom link. Additionally, Hovnanian will conduct virtual one-on-one sessions with investors on June 12 and 13, 2024. Interested parties can register for free at Sidoti's event website without needing to be a client.

Hovnanian Enterprises reported a strong fiscal Q2 2024, with total revenues rising to $708.4 million, up from $703.7 million last year. For the first half of 2024, revenues reached $1.30 billion, compared to $1.22 billion in the same period of 2023. Home sales revenue increased to $686.9 million in Q2 2024 from $670.7 million the previous year. Income before taxes surged by 50.4% to $69.4 million, and net income grew by 48.9% to $50.8 million. The homebuilding gross margin was 19.5%, up from 17.8% last year. However, SG&A expenses rose, and the contract backlog value decreased by 14.7%. Total liquidity is $310.7 million, and the company repurchased $15 million in stock. For FY 2024, Hovnanian projects revenues between $2.75 billion and $3.00 billion, with EPS expected between $25 and $29.

Hovnanian Enterprises, Inc. (NYSE: HOV) will announce its second-quarter fiscal 2024 results on May 22, 2024, followed by a webcast conference call. Participants can access the live webcast through the company's Investor Relations website. An archived version will be available for those unable to attend, with a replay accessible for 12 months.

GTIS Partners and Hovnanian Enterprises announced expanding their partnership, investing $1 billion in equity to develop 12,600 homes across 15 joint ventures, valued at $6 billion. The latest venture includes 8 communities with 1,392 homes across 4 states, involving a capital investment of $115 million.

Hovnanian Enterprises, Inc. (HOV) reported strong fiscal first-quarter results with a 15.3% increase in total revenues to $594.2 million, 80% growth in income before income taxes, and the highest quarterly land spend in 57 quarters. The company saw significant growth in contracts per community and a decrease in contract backlog value. Management highlighted strong demand for new homes, driven by factors like low mortgage rates and a tight existing home market. Financial guidance for the second quarter of fiscal 2024 projects continued growth in revenues, gross margin, income before taxes, and EBITDA.

Hovnanian Enterprises, Inc. (NYSE: HOV) will release financial results for the first quarter ended January 31, 2024, on Thursday, February 22, 2024. The company will webcast its first quarter earnings conference call at 11:00 a.m. (ET) on the same day. Participants can access the webcast event page at least five minutes before the live event. An archive of the broadcast will be available for those unable to listen to the live webcast. A replay of the call will be available via webcast on the Investor Relations section of the website for 12 months.

K. Hovnanian Homes introduces Salerno Reserve, a new community of single-family homes in Stuart, offering a designer-curated collection of beautiful interiors. Buyers can choose between Loft, Farmhouse, Classic or Elements LOOKS, and enjoy cohesive style without the stress. The community offers 6 home designs with up to 5 bedrooms, 4 baths, and 3,208 square feet, including options for multigenerational living. Amenities include a resort-style pool, pickleball courts, walking trails, and tot lot. The community is located 14 miles from the Atlantic Coast, 8 miles from Downtown Stuart, and near commuter routes including I-95, Florida Turnpike, and Route 1.