Hovnanian Q3 net income falls to $16.6M; revenue up 11% but margins compress

HOVNANIAN ENTERPRISES INC

2025-Q3 EPS reported $7.94 revenue$2,160,677,000

Revenue $800.6M (+10.8% YoY); net income $16.6M ($1.99 diluted EPS) vs $72.9M ($9.75) YoY.
Homebuilding gross margin after land charges declined to 11.7% from 19.1% YoY; adjusted EBITDA $77.1M vs $131.0M.
Consolidated contracts +1.6% to 1,211 homes; backlog dollars down 27.6% to $838.8M; QMIs decreased 5.3% sequentially.
Q4 guidance: rev $750-850M, adj homebuilding gross margin 15.0-16.5%, adj EBITDA $77-87M.

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