Hovnanian Q1 revenue down 8.8% to $515M; EPS $2.26; sees improving sales pace in Feb

HOVNANIAN ENTERPRISES INC

2023-Q1 EPS reported $2.26 revenue$515,366,000

Total revenues $515.4M (-8.8% YoY); net income $18.7M ($2.26 diluted EPS) vs $24.8M ($3.07) prior year.
Homebuilding gross margin (after interest & land charges) 18.7% vs 19.9% YoY; adjusted gross margin 21.8% vs 22.4%.
Consolidated contracts fell 48% to $415.1M (788 homes); cancellation rate rose to 16% from 8% (beginning backlog) and 30% gross (vs 14%).
Net contracts per community improved from 1.5 in Nov to 3.0 in Jan, and 3.8 in Feb (prelim); company raised prices in ~1/3 of communities.
Q2 FY2023 guidance: total revenues $525-625M, adjusted pretax income $20-35M, adjusted EBITDA $52-67M.

item 2.02 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

HOVNANIAN ENTERPRISES INC reported preliminary financial results for fiscal first quarter ended January 31, 2023.

Period: fiscal first quarter ended January 31, 2023
Result: preliminary results

Exact text from the filing

On February 28, 2023, Hovnanian Enterprises, Inc. (the “Company”) issued a press release announcing its preliminary financial results for the fiscal first quarter ended January 31, 2023.

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Source: SEC EDGAR

accession 0001437749-23-004849

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