Highest-materiality recent filing
Hovnanian Q2 net loss $0.6M ($0.46/diluted); revenue $667.6M, down 2.7% YoY
Homebuilding gross margin (GAAP) 10.2% vs 13.8% YoY; non-GAAP 14.3% above guidance.
Hovnanian Q1 net income $20.9M ($2.62 EPS) vs $28.2M; Q2 guidance cautious
Total revenues $632M, down 6% YoY from $673.6M; homebuilding gross margin 10.1% vs 15.2%.
Hovnanian reports Q4 net loss of $0.7M; revenue down 16.5% YoY; completes $900M debt refinancing
Q4 total revenues $817.9M (within guidance), vs $979.6M same quarter last year; full year $2.98B vs $3.00B.
Issued $450M 8.000% Senior Notes due 2031 and $450M 8.375% Senior Notes due 2033 in a private placement.
Hovnanian prices $900M in two-tranche senior notes offering to refinance existing debt
$450M of 8.000% Senior Notes due 2031 and $450M of 8.375% Senior Notes due 2033 priced in private placement.
Hovnanian Enterprises announces $900M Senior Notes offering and revolver extension to 2028
Fourth Amendment extends Revolving Credit Facility maturity from June 2026 to June 2028.
Hovnanian Q3 net income falls to $16.6M; revenue up 11% but margins compress
Revenue $800.6M (+10.8% YoY); net income $16.6M ($1.99 diluted EPS) vs $72.9M ($9.75) YoY.
Hovnanian Q2 net income falls 61% to $19.7M; gross margin drops to 13.8%
Net income of $19.7M ($2.43 diluted EPS) vs $50.8M ($6.66) in prior year Q2; adjusted income before taxes $29.2M.
Hovnanian Q1 revenue $673.6M (+13% YoY); net income $28.2M ($3.58 EPS) up 18%
Total revenues $673.6M (+13.4% YoY); home deliveries 1,254 homes (+18% YoY).
Hovnanian Q4 total revenue up 10.4% to $979.6M; FY income before taxes up 24%
FY2024 net income $242M ($31.79 diluted EPS) vs $205.9M ($26.88) prior year; FY adj. EBITDA $445.4M vs $399.7M.
Hovnanian Q3 revenue up 11% to $722.7M; net income $72.9M; raises FY guidance
Total revenues up 11.2% to $722.7M; income before taxes up 38.2% to $97.3M; diluted EPS $9.75 vs $7.38.
Hovnanian exchanges $168.8M unsecured debt for $93.5M new secured term loans and $31.5M cash
Exchanged $64M of 13.5% Notes due 2026 and $21.5M cash for $42.5M of new 1.75 Lien Term Loans at 10% interest.
Hovnanian Q2 net income up 48.9% to $50.8M; EPS $6.66; revenue $708.4M; guides FY EPS $25-29
Income before taxes rose 50.4% to $69.4M; net income $50.8M ($6.66 diluted EPS) vs $34.1M ($4.47) YoY.
Total revenues $594.2M (+15.3% YoY); net income $23.9M ($2.91 diluted EPS) vs $18.7M ($2.26) prior year.
Hovnanian Q4 net income $97.3M ($13.05 EPS) vs $55.6M last year; book value jumps 80%
Total revenues $887.0M vs $886.8M; deliveries 1,517 homes, down from 1,599 YoY.
Hovnanian issues $655M in new secured notes to refinance near-term debt, extends revolver to 2026
Issues $225M 8.0% notes due 2028 and $430M 11.75% notes due 2029 in private placement.
Hovnanian Q3 net contracts up 81% YoY, beats guidance, raises FY2023 EPS outlook by 20%
Fiscal Q3 total revenues $650M (1,198 homes), down 15% YoY; net income $55.8M ($7.38 diluted EPS) vs $82.6M a year ago.
Hovnanian CFO Larry Sorsby to retire Oct 31, 2023; Brad O'Connor named successor effective Nov 1
J. Larry Sorsby, EVP & CFO, retiring effective Oct 31, 2023; will remain on Board of Directors.
Hovnanian Q2 adj. pretax income beat guidance by 32%; net income $34.1M
Net income $34.1M ($4.47 diluted EPS) vs $62.4M ($8.39) a year ago; adjusted pretax income beat high end of guidance by 32%.
Hovnanian Q1 revenue down 8.8% to $515M; EPS $2.26; sees improving sales pace in Feb
Total revenues $515.4M (-8.8% YoY); net income $18.7M ($2.26 diluted EPS) vs $24.8M ($3.07) prior year.
Hovnanian FY2022 pretax profit up 68% to $320M; Q4 contracts drop 48%
FY2022 pretax income $319.8M, up 68.4% YoY; net income $225.5M ($29.00 diluted EPS) vs $607.8M ($85.86) prior year which included $468.6M tax benefit.
Hovnanian updates FY2022 EPS guidance to $28.50-$30.00, scraps $100M debt retirement
Reiterated FY2022 revenue $2.8B-$3.0B, gross margin 24%-26%, adjusted EBITDA $460M-$475M.
Hovnanian Q3: pretax profit $111.9M (+81%), revenue $767.6M; raises FY guidance
Net income of $82.6M ($10.82 diluted EPS) vs $47.7M ($6.72) in Q3 2021.
Hovnanian Q2 pretax profit up 161% YoY; gross margin expands 520 bps
Income before income taxes $80.9M vs $31.0M YoY; adjusted pretax income $88.3M.
Hovnanian Q1 pretax profit up 80.8% to $35.4M; gross margin expands; FY22 EPS guidance $26.50-$32.00
Pretax income surged 80.8% to $35.4M; net income $24.8M ($3.07 diluted EPS) from $19.0M ($2.75).
Q4 total revenues $814.3M (+19.2% YoY); net income $52.5M ($7.41 diluted EPS).
On June 20, 2023, Hovnanian Enterprises, Inc. (the “Company”) announced that J. Larry Sorsby, Executive Vice President and Chief Financial Officer, intends to retire from the Company effective October 31, 2023.
In connection with Mr. Sorsby’s retirement, Brad G. O’Connor, age 52, has been appointed Chief Financial Officer, effective November 1, 2023.
On January 21, 2022, the Board of Directors (the “Board”) of Hovnanian Enterprises, Inc. (the “Company”) increased the number of directors on the Board from seven to eight and appointed Ms. Miriam Hernandez-Kakol as an independent director, effective immediately.
Max materiality 0.85 · Median 0.70 · Most common event earnings