Hovnanian Q1 net income $20.9M ($2.62 EPS) vs $28.2M; Q2 guidance cautious

HOVNANIAN ENTERPRISES INC

2026-Q1 EPS reported $2.62 revenue$631,952,000

Total revenues $632M, down 6% YoY from $673.6M; homebuilding gross margin 10.1% vs 15.2%.
Adjusted EBITDA $63.1M above guidance; adjusted pre-tax income $31.1M above high end.
Domestic consolidated contracts up 3.1% to 1,242 homes; Jan/Feb contracts including JVs up 11% and 13% YoY.
Total liquidity $471M well above $170-$245M target; 86% of lots optioned, 6.7 years supply.
Q2 guidance: revenue $625-725M, adjusted EBITDA $30-40M; expects H2 profit improvement.

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