Hovnanian Q4 2022 Earnings Report
Key Takeaways
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.
Total revenues increased 8.9% to $886.8 million in the fourth quarter of fiscal 2022.
Homebuilding gross margin percentage, before cost of sales interest expense and land charges, increased 140 basis points to 24.2%.
Income before income taxes for the fourth quarter of fiscal 2022 increased 18.1% to $91.5 million.
Net income was $55.6 million, or $7.24 per diluted common share, for the three months ended October 31, 2022.
Hovnanian
Hovnanian
Forward Guidance
The current level of demand for new homes is significantly lower and continues to be burdened by high levels of inflation, a sharp increase in mortgage rates and concerns about an economic recession.