Published on 22 Feb 2024 on GuruFocus.com via Yahoo Finance
Hovnanian Enterprises Inc (HOV) Reports Strong Fiscal 2024 First Quarter Results
Total Revenues: Increased by 15.3% to $594.2 million year-over-year.Net Income: Rose to $23.9 million, or $2.91 per diluted common share.Income Before Income Taxes: Jumped 80.4% to $32.6 million year-over-year.Homebuilding Gross Margin: Remained stable at 21.8% before cost of sales interest expense and land charges.Contracts: Consolidated contracts increased 43.0% to 1,127 homes.SG&A Expenses: Excluding phantom stock expense, was 13.2% of total revenues.Liquidity: Ended the quarter with $313.1 million, above the targeted range.
Warning! GuruFocus has detected 6 Warning Sign with HOV.
On February 22, 2024, Hovnanian Enterprises Inc (NYSE:HOV), a prominent national homebuilder, released its 8-K filing, announcing the financial results for its fiscal first quarter ended January 31, 2024. The company, known for designing, constructing, and selling a variety of homes across the United States, reported a robust start to the fiscal year with significant increases in income and contracts.