Hovnanian Q2 net income up 48.9% to $50.8M; EPS $6.66; revenue $708.4M; guides FY EPS $25-29

HOVNANIAN ENTERPRISES INC

2024-Q2 EPS reported $9.57 revenue$1,302,576,000

Income before taxes rose 50.4% to $69.4M; net income $50.8M ($6.66 diluted EPS) vs $34.1M ($4.47) YoY.
Homebuilding gross margin (after interest/land) was 19.5% vs 17.8% YoY; adjusted gross margin 22.6% vs 20.9%.
Consolidated contracts per community hit 13.9 vs 13.0 YoY; backlog dollar value fell 14.7% to $1.13B.
Post-quarter debt exchange retired $168.7M principal; annual interest reduced by ~$8.5M; $93.5M new 10.0% term loans issued.
FY 2024 guidance: total rev $2.75B-$3.00B; adjusted EBITDA $395M-$430M; diluted EPS $25-$29; Q3 rev $675M-$775M.

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