Hovnanian Q1 net income $2.91/diluted share; revenues up 15% to $594.2M, contracts per community up 48%

HOVNANIAN ENTERPRISES INC

2024-Q1 EPS reported $2.91 revenue$594,196,000

Total revenues $594.2M (+15.3% YoY); net income $23.9M ($2.91 diluted EPS) vs $18.7M ($2.26) prior year.
Income before income taxes $32.6M, up 80.4% YoY; homebuilding gross margin % (before interest & land) steady at 21.8%.
Consolidated contracts per community increased 47.7% YoY to 9.6; total liquidity $313.1M above target range.
Land and land development spend $230.4M (highest quarterly since fiscal 2010); controlled lots 33,576 (6.7 years supply).
Q2 FY2024 guidance: revenue $675-775M, adjusted homebuilding gross margin 21.5-23.0%, adjusted EBITDA $80-90M.

item 2.02 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

HOVNANIAN ENTERPRISES INC updated its fiscal first quarter ended January 31, 2024 guidance (reaffirmed).

Period: fiscal first quarter ended January 31, 2024
Guidance: reaffirmed
Result: preliminary results

Exact text from the filing

On February 22, 2024 , Hovnanian Enterprises, Inc. (the “Company”) issued a press release announcing its preliminary financial results for the fiscal first quarter ended January 31, 2024 . A copy of the press release is attached as Exhibit 99.1.

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Source: SEC EDGAR

accession 0001753926-24-000352

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