Hovnanian Q1 pretax profit up 80.8% to $35.4M; gross margin expands; FY22 EPS guidance $26.50-$32.00

HOVNANIAN ENTERPRISES INC

2022-Q1 EPS reported $3.07 revenue$565,313,000

Pretax income surged 80.8% to $35.4M; net income $24.8M ($3.07 diluted EPS) from $19.0M ($2.75).
Homebuilding gross margin (after interest & land charges) up 260 bps to 19.9%; backlog $1.89B (+13%).
FY22 guidance: rev $2.8B-$3.0B, adj. pretax $260M-$310M, diluted EPS $26.50-$32.00, debt reduction ~$200M.
Q2 FY22 guidance: rev $700M-$750M, gross margin (before int. & land) 23%-25%, adj. pretax $60M-$75M.

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