Hovnanian Q3: pretax profit $111.9M (+81%), revenue $767.6M; raises FY guidance

HOVNANIAN ENTERPRISES INC

2022-Q3 EPS reported $21.77 revenue$2,035,443,000

Net income of $82.6M ($10.82 diluted EPS) vs $47.7M ($6.72) in Q3 2021.
Homebuilding gross margin (after interest & land charges) up 390 bps to 23.1%.
Consolidated contract dollars fell 23.2% to $467.9M (799 homes); backlog cancellation rate rose to 8%.
FY 2022 guidance raised: adj. pretax income $310-325M, EBITDA $460-475M, EPS $32-33.50.
Total liquidity $357.4M; plans to retire additional $100M of senior notes in Q4.

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