Welcome to our dedicated page for Hovnanian Enterprises news (Ticker: HOV), a resource for investors and traders seeking the latest updates and insights on Hovnanian Enterprises stock.
Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is a leading national homebuilder headquartered in Matawan, New Jersey. The company, traded under the symbol HOV, operates across numerous states including Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C., and West Virginia. Hovnanian is renowned for its diversified portfolio of homebuilding services, offering a wide array of attached and detached home styles to meet the needs of first-time buyers to luxury home seekers.
As the developer of K. Hovnanian’s® Four Seasons communities, Hovnanian is one of the largest builders of active lifestyle communities in the nation. The company markets and sells homes under several trade names, including K. Hovnanian® Homes, Brighton Homes®, and Parkwood Builders.
Hovnanian conducts its operations through two primary segments: homebuilding and financial services. The homebuilding operations are geographically segmented into three divisions: Northeast, Southeast, and West, with the West segment generating the maximum revenue.
Recent highlights include a notable partnership with GTIS Partners, a global real estate investment firm, to develop eight additional homebuilding communities. This expansion encompasses 1,392 homes across New Jersey, Florida, Delaware, and South Carolina, with a total investment of approximately $800 million. This partnership has proven fruitful, representing around $6 billion in total project costs across 12,600 homebuilding units, reflecting both firms' strong working relationship and collaborative success.
Hovnanian Enterprises will be releasing its fourth quarter and fiscal year financial results for the period ending October 31, 2023, on December 5, 2023. The company will host a webcast to discuss these results, providing insights into its performance and future outlook.
For those interested in opportunities with Hovnanian Enterprises, career listings can be found at http://www.khov.com/careers. Additional information about Hovnanian Enterprises, including investor relations, can be accessed through their website at http://www.khov.com.
Hovnanian Enterprises, Inc. (HOV) reported a 8.8% decline in total revenues to $515.4 million for the fiscal first quarter ended January 31, 2023. Home sales revenues fell 9.4% to $499.6 million, with 938 homes sold compared to 1,174 homes last year. The homebuilding gross margin percentage decreased to 18.7% from 19.9%. Net income was $18.7 million or $2.26 per diluted share, down from $24.8 million or $3.07 last year. Despite a 48% drop in consolidated contract dollars, liquidity remains strong at $365.7 million. Guidance for Q2 2023 forecasts revenue between $525 million and $625 million.
Hovnanian Enterprises (NYSE: HOV) will announce its financial results for Q1 ended January 31, 2023, on February 28, 2023. The earnings conference call is scheduled for 11:00 a.m. ET on the same day and will be available via live webcast on their website. Hovnanian, a prominent national homebuilder, operates in various states and is recognized for its K. Hovnanian Homes brand. The call will also feature a slide presentation, accessible for those unable to attend live. Investors can later view an archive of the event on the company's site.
Hovnanian Enterprises (NYSE: HOV) reported a 68% increase in pretax profit for fiscal 2022, reaching $320 million. Total revenues rose 8.9% in Q4 to $886.8 million, with a full-year total of $2.92 billion. Homebuilding gross margin percentages improved, with Q4 margins at 19.6% and annual margins at 21.5%. However, consolidated contract dollars dropped 48% in Q4 and 14% for the year. Net income for Q4 was $55.6 million, translating to $7.24 per share. The company holds substantial liquidity at $457.3 million.
Hovnanian Enterprises, Inc. (NYSE: HOV) will announce its fourth quarter and fiscal year financial results for the period ending October 31, 2022, on December 8, 2022. The earnings conference call is scheduled for 11:00 a.m. ET and will be available via webcast on the company's investor relations page. Hovnanian is recognized as one of the largest national homebuilders, with operations across several states and a focus on active lifestyle communities.
Hovnanian Enterprises, Inc. (NYSE:HOV) has announced its decision to pause the early retirement of $100 million in senior secured notes due to ongoing economic uncertainties, including rising inflation and potential recessions. The company aims to preserve liquidity and expects to exceed its liquidity target of $245 million by the end of fiscal 2022. They reaffirmed full-year revenue guidance of $2.80 billion to $3.00 billion but warned that achieving the high end will be challenging, particularly due to high cancellation rates and impacts from Hurricane Ian.
Hovnanian Enterprises (NYSE: HOV), a major homebuilder, will engage in a fireside chat at Deutsche Bank's 30th Annual Leveraged Finance Conference on September 20, 2022, at 4:35 p.m. ET. The chat will be accessible via a live webcast through Hovnanian's website under the 'Investor Relations' section. Interested parties are advised to log in at least five minutes prior to the event. An archived version of the chat will also be available for those unable to attend live.
Hovnanian Enterprises, Inc. (HOV) reported an 81% year-over-year increase in pretax profit with total revenues rising 11.1% to $767.6 million for Q3 2022. Homebuilding gross margin improved significantly, increasing 390 basis points to 23.1%. However, backlog cancellation rates worsened, climbing to 8% from 6% last year, and consolidated contract dollars fell by 23%. The company raised its full-year guidance for EBITDA, gross margin, and pretax profit, signaling confidence despite market challenges.
Hovnanian Enterprises (NYSE: HOV) will disclose its financial results for the third quarter ended July 31, 2022, on September 1, 2022, at 11:00 a.m. ET. This announcement will be followed by a webcast of its earnings conference call, accessible through the company’s Investor Relations website. Hovnanian, a prominent national homebuilder, operates in numerous states and is among the largest builders of active lifestyle communities in the U.S. Further details can be found on their official site.
Hovnanian Enterprises, Inc. (HOV) reported a strong fiscal Q2 2022, showcasing a 161% year-over-year increase in pretax profit, reaching $80.9 million. Despite total revenues dipping slightly to $702.5 million, gross margins improved significantly, with a 520 basis point increase to 23.3%. Consolidated contract backlog surged by 16.1% to $2.06 billion. The company also reduced senior secured notes by $100 million, enhancing liquidity to $282.2 million. Guidance for FY 2022 remains strong, with total revenue anticipated between $2.80 billion and $3.00 billion.
Hovnanian Enterprises, Inc. (NYSE: HOV), a prominent national homebuilder, is set to release its financial results for the second quarter ending April 30, 2022, on June 1, 2022. A conference call will be held at 11:00 a.m. ET on the same day, and investors can access a live webcast on the company’s website. Hovnanian, founded in 1959, operates extensively across multiple states, specializing in active lifestyle communities through its K. Hovnanian Homes brand. Further details about the company can be found on its investor relations page.
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