Hovnanian Q2 pretax profit up 161% YoY; gross margin expands 520 bps

HOVNANIAN ENTERPRISES INC

2022-Q2 EPS reported $11.44 revenue$1,267,850,000

Income before income taxes $80.9M vs $31.0M YoY; adjusted pretax income $88.3M.
Homebuilding gross margin % (after interest and land charges) rose 520 bps to 23.3%.
Total revenues $702.5M; net income $62.4M ($8.39 per diluted share).
Early retired $100M of senior secured notes; total liquidity $282.2M.
Consolidated contract backlog up 16% to $2.06B; guidance reiterated for FY22.

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