Hovnanian Q3 revenue up 11% to $722.7M; net income $72.9M; raises FY guidance

HOVNANIAN ENTERPRISES INC

2024-Q3 EPS reported $19.15 revenue$2,025,280,000

Total revenues up 11.2% to $722.7M; income before taxes up 38.2% to $97.3M; diluted EPS $9.75 vs $7.38.
Consolidated community count up 23.5% to 126; total controlled lots up 34% to 39,516.
Raised FY2024 guidance: adjusted pretax income midpoint $313M (up 11%); diluted EPS $29-$31.
Consolidated contracts in Q3 down to 1,192 homes ($645.8M), but recent 5-week contracts up ~23% YoY.
Homebuilding gross margin (after interest and land charges) 19.1% vs 20.1% last year; SG&A at 12.4% of revs.

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