Hovnanian Q3 net contracts up 81% YoY, beats guidance, raises FY2023 EPS outlook by 20%

HOVNANIAN ENTERPRISES INC

2023-Q3 EPS reported $13.97 revenue$1,868,984,000

Fiscal Q3 total revenues $650M (1,198 homes), down 15% YoY; net income $55.8M ($7.38 diluted EPS) vs $82.6M a year ago.
Consolidated net contracts jumped 81% to 1,444 homes; contracts per community up 92% YoY to 14.2.
Homebuilding gross margin (after interest & land charges) 20.1%, up 230 bps sequentially from Q2 but down from 23.1% YoY.
Redeemed $100M of 7.75% senior secured notes in August 2023; total debt reduced $668M since FY2020.
Raised FY2023 guidance: rev $2.6B-$2.7B; adj. EBITDA $350M-$370M; EPS $21-$24; book value per share projected to rise ~63% YoY.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

HOVNANIAN ENTERPRISES INC reported fiscal third quarter ended July 31, 2023 results: revenue $650.0 million, net income $55.8 million, EPS $7.38 per diluted common share. Guidance raised.

Period: fiscal third quarter ended July 31, 2023
Revenue: $650.0 million
Net income: $55.8 million
EPS: $7.38 per diluted common share
Guidance: raised
Result: preliminary results

Exact text from the filing

reported results for its fiscal third quarter and nine months ended July 31, 2023. RESULTS FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED JULY 31, 2023: ● Total revenues were $650.0 million (including 1,198 homes) in the third quarter of fiscal 2023, compared with $767.6 million (including 1,412 homes) in the same quarter of the prior year. For the nine months ended

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Source: SEC EDGAR

accession 0001437749-23-024859

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