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
Cable-cutters have now one more reason to do so as live television streaming will be available on YouTube TV in 14 more markets in the U.S. Facebook Chief Operating Officer Sheryl Sandberg has donated nearly $100 million in Facebook shares to charity. This is her second charitable donation within a year. A document was filed on Thursday with the Security and Exchange Commission, which shows that Sandberg transferred shares to a special fund she uses for charitable donations. Ford Motor Co.'s new CEO Jim Hackett has taken a more cautious approach to the automaker's plans for rolling out autonomous vehicles. Ford is currently undertaking a 100-day review of its operations and Hackett indicated at delays to the company's plans to launch a fully-autonomous vehicle by 2021.
comments powered by Disqus
Follow RTT