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Jan 31, 2024
Hovnanian Q1 2024 Earnings Report
Hovnanian Enterprises reported an increase in total revenues and income before income taxes for the first quarter of fiscal year 2024.
Key Takeaways
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.
Total revenues increased by 15.3% to $594.2 million.
Income before income taxes increased by 80.4% to $32.6 million.
Net income was $23.9 million, or $2.91 per diluted common share.
Consolidated contracts per community increased 47.7% year-over-year.
Revenue by Segment
Forward Guidance
For the second quarter of fiscal 2024, Hovnanian Enterprises expects total revenues to be between $675 million and $775 million, adjusted homebuilding gross margin to be between 21.5% and 23.0%, adjusted income before income taxes to be between $45 million and $55 million and adjusted EBITDA to be between $80 million and $90 million.
Positive Outlook
- Total revenues are expected to be between $675 million and $775 million.
- Adjusted homebuilding gross margin is expected to be between 21.5% and 23.0%.
- Adjusted income before income taxes is expected to be between $45 million and $55 million.
- Adjusted EBITDA is expected to be between $80 million and $90 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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