Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Hovnanian Enterprises Q1 Loss Narrows - Quick Facts

RELATED NEWS
Trade HOV now with 

Hovnanian Enterprises Inc. (HOV: Quote) reported that its first-quarter net loss narrowed to $11.3 million or $0.08 per share, from $18.3 million or $0.17 per share, in the prior year's fiscal first quarter. Analysts polled by Thomson Reuters expected the company to report a loss of $0.10 per share for the quarter. Analysts' estimates typically exclude special items.

The latest-quarter result included a $9.7 million federal tax benefit, while prior year quarter result included a net benefit of $20.1 million from gains on extinguishment of debt less expenses associated with a debt exchange offer.

Excluding land-related charges, expenses associated with the debt exchange offer and gain on extinguishment of debt, the pre-tax loss for the quarter was $20.1 million compared with a pre-tax loss of $34.3 million during the same quarter a year ago.

Deliveries, including unconsolidated joint ventures, were 1,188 homes for the quarter, up 17.4% compared with 1,012 homes in the 2012 first quarter.

Total revenues were $358.2 million for the fiscal 2013 first quarter up 32.9% compared with $269.6 million in the fiscal first quarter of 2012. Nine analysts had consensus revenue estimate of $381.11 million for the quarter.

Register
To receive FREE breaking news email alerts for Hovnanian Enterprises Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
After turning lower over the course of the previous session, stocks are likely to move back to the upside in early trading on Thursday. The major index futures are currently pointing to a sharply higher open for the markets, with the Dow futures up by 136 points. U.K. retail sales declined more-than-expected in September, driven by a sharp contraction in clothing sales. Retail sales fell 0.3 percent in September from a month ago, when it rose 0.4 percent, the Office for National Statistics said Thursday. This was the first drop in four months. Economists had forecast a 0.1 percent drop for September. Food sales recovered in September. The private sector in the eurozone logged a marginal upturn in October helped by an improvement in Germany, while France moved deeper into contraction, flash data from Markit Economics revealed Thursday. The headline flash Markit composite output index rose to 52.2 in October from a 10-month low of 52 in September. The score was forecast to fall to 51.5.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.