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Jan 31, 2023
Hovnanian Q1 2023 Earnings Report
Reported first quarter fiscal 2023 results.
Key Takeaways
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.
Total revenues declined 8.8% to $515.4 million compared to the same quarter of the prior year.
Net income was $18.7 million, or $2.26 per diluted common share, compared to $24.8 million, or $3.07 per diluted common share, in the previous year's quarter.
Consolidated contract dollars decreased 48.0% to $415.1 million.
Total liquidity as of January 31, 2023, was $365.7 million, significantly above the targeted liquidity range.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company is providing guidance for total revenues, gross margin, adjusted EBITDA and adjusted pretax income for the second quarter of fiscal 2023.
Positive Outlook
- Total revenues are expected to be between $525 million and $625 million.
- Gross margin, before cost of sales interest expense and land charges, is expected to be between 21.0% and 22.5%.
- Adjusted pretax income is expected to be between $20 million and $35 million.
- Adjusted EBITDA is expected to be between $52 million and $67 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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