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 (HOV) reports developments from a national homebuilding business that designs, constructs, markets and sells homes under the K. Hovnanian Homes name. News commonly covers quarterly and annual results, home deliveries and contracts, community count, margins, backlog, liquidity, debt refinancing and guidance for revenue and homebuilding profitability.
The company operates through homebuilding and financial services activities, with communities across states in the Northeast, Southeast and West. Updates also include land and community development, unconsolidated and joint venture homebuilding portfolios, active lifestyle communities developed under K. Hovnanian’s Four Seasons brand, and residential or mixed-use development initiatives involving subsidiaries.
Hovnanian Enterprises, Inc. (HOV) reported a 22.2% increase in total revenues for Q2 2020, reaching $538.4 million, compared to $440.7 million in Q2 2019. The company achieved a 125.1% growth in EBITDA to $50.9 million. Homebuilding gross margin improved by 120 basis points to 14.5%. However, net income was $4.1 million ($0.63 per share), contrasted with a loss of $15.3 million a year prior. The company did experience a 23% contract cancellation rate and maintained a cautious outlook due to economic uncertainties, while liquidity stood at $247.1 million.
Hovnanian Enterprises, Inc. (NYSE: HOV) will release its financial results for the second quarter on June 4, 2020. A webcast conference call will take place at 11:00 a.m. (ET) on the same day. The call can be accessed via the Investor Relations section of Hovnanian's website. Archived content will be available for those unable to attend live. Established in 1959, Hovnanian is one of the largest homebuilders in the U.S., operating in multiple states and specializing in active lifestyle communities under the K. Hovnanian® Homes brand.