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.
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by RTT Staff Writer
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