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Hovnanian Enterprises Turns To Profit In Q1

Hovnanian Enterprises Inc. (HOV) reported that its net income for the first-quarter was $19.0 million or $2.75 per share, compared to a net loss of $9.1 million, or $1.49 per share in the first quarter of the previous fiscal year.

Total revenues increased 16.3% to $574.7 million from $494.1 million in the same quarter of the prior year.

Looking ahead for the second quarter of fiscal 2021, the company expects total revenues to be between $700 million and $750 million; adjusted pretax income of $30 million - $45 million.

For fiscal 2021, the company projects adjusted pretax income to be between $140 million and $160 million and total revenues of $2.65 billion - $2.80 billion.

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