Hovnanian Enterprises Inc Stock Price, News & Analysis

Canyon Partners Real Estate and Iron Point Manager have established a joint venture to construct the Iron Point Apartments in Folsom, CA. This project consists of 253 Class A apartment units across 11 buildings and received $16 million in preferred equity from Canyon, alongside a senior construction loan from Umpqua Bank. Construction is set to begin immediately, aiming for resident move-ins by Fall 2024. The development will feature numerous amenities and is strategically located near major employment centers like Intel and Kaiser Permanente. With a total investment around $24 billion in assets managed by Canyon, this multifamily project responds to the growing housing demand in Sacramento, a strong performing market for institutional multifamily investments.

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.