Hovnanian Q2 adj. pretax income beat guidance by 32%; net income $34.1M

HOVNANIAN ENTERPRISES INC

2023-Q2 EPS reported $6.74 revenue$1,219,027,000

Net income $34.1M ($4.47 diluted EPS) vs $62.4M ($8.39) a year ago; adjusted pretax income beat high end of guidance by 32%.
Total revenues $703.7M (flat YoY); homebuilding gross margin fell to 17.8% from 23.3%.
Contracts per community rose 100% sequentially to 13.0; preliminary May contracts up 29.8% YoY.
Redeemed $100M of 7.75% senior secured notes due 2026; total liquidity $463.8M above target.
FY 2023 guidance: revenues $2.50-2.65B, EPS $17.00-20.00, adjusted EBITDA $320-340M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

HOVNANIAN ENTERPRISES INC reported preliminary financial results for the fiscal second quarter ended April 30, 2023.

Period: the fiscal second quarter ended April 30, 2023
Result: preliminary results

Exact text from the filing

On May 31, 2023, Hovnanian Enterprises, Inc. (the “Company”) issued a press release announcing its preliminary financial results for the fiscal second quarter ended April 30, 2023.

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Source: SEC EDGAR

accession 0001437749-23-016210

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