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.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.