Hovnanian updates FY2022 EPS guidance to $28.50-$30.00, scraps $100M debt retirement

HOVNANIAN ENTERPRISES INC

Reiterated FY2022 revenue $2.8B-$3.0B, gross margin 24%-26%, adjusted EBITDA $460M-$475M.
Updated fully diluted EPS guidance to $28.50-$30.00; shareholders' equity expected up ~120% YoY.
Will not proceed with early retirement of $100M senior secured notes to preserve liquidity.
September 2022 cancellation rate 44% vs 15% a year ago; gross contracts down 26% YoY.
Expects FY2022 liquidity significantly above $245M target; increasing QMI homes and below-market mortgages.

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