Hovnanian Earnings Reports

Despite a decline in revenue and gross margins, Hovnanian delivered positive net income, repurchased shares, and continued to maintain strong capital discipline while increasing their controlled lot inventory.

Hovnanian Enterprises reported a 13.4% increase in total revenues to $673.6 million and a 22.4% increase in income before income taxes to $39.9 million for the first quarter of fiscal 2025. The company experienced growth in consolidated contracts and an increase in total consolidated lots controlled.

Hovnanian Enterprises reported a 10.4% increase in total revenues to $979.6 million for the fourth quarter of fiscal 2024, compared to $887.0 million in the same quarter of the prior year. Net income was $94.3 million, or $12.79 per diluted common share, compared to $97.3 million, or $13.05 per diluted common share, in the same period of the previous fiscal year. Consolidated contracts increased 44.5% to 1,355 homes ($705.6 million).

Hovnanian Enterprises reported an 11% increase in total revenues and a 38% increase in income before income taxes for the third quarter of fiscal year 2024. The company also saw a 24% growth in consolidated community count and a 34% increase in total consolidated lots controlled. The midpoint of full year adjusted income before income tax guidance was increased by 11% to $313 million.

Hovnanian Enterprises reported fiscal 2024 second quarter results with total revenues of $708.4 million, a net income of $50.8 million, and income before income taxes increasing by 50.4% year-over-year. The company's performance was driven by resilient demand for new homes despite a rising mortgage rate environment.

Hovnanian Enterprises reported a solid start to fiscal 2024, with an 80% year-over-year increase in income before income taxes for the first quarter. Total revenues increased by 15.3% to $594.2 million, driven by a 13.3% increase in home deliveries. The company's net income was $23.9 million, or $2.91 per diluted common share, compared to $18.7 million, or $2.26 per diluted common share, in the same period of the previous fiscal year.

Hovnanian Enterprises reported strong Q4 2023 results, with total revenues of $887 million and net income of $97.3 million, or $13.05 per diluted share. The company saw a significant increase in income before income taxes, a rise in homebuilding gross margin, and an increase in consolidated contracts. They also refinanced over $600 million of secured debt and total liquidity climbed to $564 million.

Hovnanian Enterprises reported fiscal year 2023 third quarter results, with total revenues of $650 million. Net contracts increased 81% year-over-year, and net contracts per community increased 92% year-over-year. Homebuilding gross margin percentage improved sequentially by 230 basis points, and income before income taxes grew 53% sequentially. The company also redeemed $100 million of senior secured notes and increased full-year guidance.

Hovnanian Enterprises reported mixed results for its fiscal second quarter ended April 30, 2023. While total revenues slightly increased, sale of homes revenues and homebuilding gross margin percentage decreased compared to the same quarter of the prior year. However, net contracts per community increased significantly versus the first quarter of 2023, and the consolidated community count also increased year over year.

Hovnanian Enterprises reported a decrease in total revenues by 8.8% to $515.4 million in the first quarter of fiscal 2023, with net income decreasing to $18.7 million, or $2.26 per diluted common share. Despite a challenging market, the company met expectations for total revenues, adjusted gross margin, adjusted pretax income, and adjusted EBITDA.

Hovnanian Enterprises reported an 8.9% increase in total revenues to $886.8 million for the fourth quarter of fiscal 2022, compared to $814.3 million in the same quarter of the prior year. Income before income taxes increased 18.1% to $91.5 million compared to $77.4 million in the prior year. Net income was $55.6 million, or $7.24 per diluted common share, compared to $52.5 million, or $7.41 per diluted common share, in the fourth quarter of the previous fiscal year.

Hovnanian Enterprises reported an 11.1% increase in total revenues to $767.6 million for the third quarter of fiscal 2022, compared to $690.7 million in the same quarter of the prior year. Income before income taxes increased by 81.1% to $111.9 million. Net income was $82.6 million, or $10.82 per diluted common share, compared to $47.7 million, or $6.72 per diluted common share, in the third quarter of the previous fiscal year.

Hovnanian Enterprises reported a 161% year-over-year increase in pretax profit for the second quarter of fiscal 2022. The homebuilding gross margin percentage increased by 520 basis points year-over-year, and the consolidated contract dollars increased by 5%. The company also early retired $100 million of senior secured notes and total revenues were $702.5 million.

Hovnanian Enterprises reported an 81% year-over-year increase in pretax profit and a 260 basis point increase in gross margin percentage. Despite a slight decrease in total revenues, the company saw a 13% increase in consolidated backlog dollars and a 21% increase in consolidated controlled lots.

Hovnanian Enterprises reported a 19.2% increase in total revenues to $814.3 million for the fourth quarter of fiscal 2021, compared to $683.4 million in the same quarter of the prior year. Net income for the quarter was $52.5 million, or $7.41 per diluted common share, compared to $40.6 million, or $5.54 per diluted common share, in the fourth quarter of the previous fiscal year. The company's income before income taxes for the quarter was $77.4 million, up 82.5% compared to $42.4 million in the fourth quarter of the prior fiscal year.

Hovnanian Enterprises reported a strong third quarter with a 10% increase in total revenues to $690.7 million and a significant 281% increase in pretax profit to $62 million. The homebuilding gross margin percentage also increased by 560 basis points year-over-year. The company paid off $111 million of senior secured notes in the third quarter and an additional $70 million early in the fourth quarter.

Hovnanian Enterprises reported a 30.6% increase in total revenues to $703.2 million for the second quarter of fiscal 2021, with homebuilding gross margin percentage increasing by 360 basis points to 18.1%. The company's net income, including the benefit of a valuation allowance reduction, was $488.7 million, or $69.65 per diluted common share. The dollar value of consolidated contract backlog increased 85.2% to $1.77 billion.

Hovnanian Enterprises reported a 16.3% increase in total revenues to $574.7 million for the first quarter of fiscal 2021, compared to $494.1 million in the same quarter of the prior year. The company's income before income taxes was $19.6 million, a significant improvement from the prior year's loss of $7.4 million. Consolidated backlog dollars increased by 85% year-over-year to $1.67 billion.

Hovnanian Enterprises reported a decrease in total revenues for the fourth quarter of fiscal 2020, but an increase in homebuilding gross margin percentage and income before income taxes. The company's consolidated backlog dollars increased significantly, and consolidated contracts per community also improved.

Hovnanian Enterprises reported a 30.3% increase in total revenues, reaching $628.1 million, and a significant improvement in pretax income to $16.2 million compared to a loss of $7.1 million in the same quarter of the prior year. The company also saw a 47% year-over-year improvement in consolidated contracts. These results reflect a strong recovery in home demand and effective management strategies in response to the COVID-19 pandemic.

Hovnanian Enterprises reported a 29.8% increase in total revenues to $494.1 million for the first quarter of fiscal 2020. The company's consolidated contracts grew by 42% year-over-year, and adjusted EBITDA increased to $30.4 million. Net loss was $9.1 million, an improvement from the previous year's $17.5 million loss.