logo
Share SHARE
FONT-SIZE Plus   Neg

Hovnanian Enterprises Q1 Loss Narrows - Quick Facts

Hovnanian Enterprises Inc. (HOV) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
A new Nike ad, "Unlimited Pursuit," highlights the hard work and dedication of female Olympians it takes to be the best. The latest installment in the Nike "Unlimited" - Just Do It campaign features some of world's greatest athletes from Rio 2016 Olympics. Gymnasts Simone Biles and Gabby Douglas, tennis player Serena Williams and many others are shown in the 40-second clip. Amazon.com on Wednesday announced the launch of Kindle Reading Fund, aiming to donate Kindle e-reader, Fire tablets, and Kindle eBooks globally to make books more easily available for digital reading. For this purpose, the company joining hands with local schools and libraries, hospitals, PTA as well as nonprofit organizations, mainly Worldreader. A federal judge has dismissed a lawsuit that accused Starbucks (SBUX) of cheating customers by "under-filling" its cold beverages. The lawsuit alleged that Starbucks is deceiving its customers by serving iced drinks with too much ice cubes and less coffee "than advertised." "If children have figured...
comments powered by Disqus
Follow RTT