Hovnanian Q3 pretax profit surges 281% to $61.8M; raises FY2021 guidance

HOVNANIAN ENTERPRISES INC

2021-Q3 EPS reported $78.51 revenue$1,968,509,000

Total revenues $690.7M (+10% YoY); homebuilding gross margin up 560 bps to 19.2%.
Net income $47.7M ($6.72 diluted EPS) vs $15.4M ($2.16) a year ago.
EBITDA $101.5M (+52.7% YoY); paid off $111M of 10.0% senior secured notes.
FY2021 guidance raised: revenues $2.80-$2.85B, adjusted pretax income $175-$190M.
Consolidated contract backlog $1.75B (+42% YoY); contracts per community down 38.9% to 11.6 (metered sales).

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