Core Viewpoint - Hovnanian Enterprises (HOV) demonstrated strong operational and financial performance in Q2 of fiscal 2024, with significant year-over-year improvements in profitability and growth metrics [1] Financial Performance - The company reported earnings per diluted common share of $6.66, up from $4.47 in the same quarter last year, marking a 49% increase [3] - Total revenues increased slightly by 0.7% from $703.7 million in Q2 fiscal 2023 to $708.4 million in Q2 fiscal 2024 [3] - Net income rose by 48.9% to $50.8 million in Q2 fiscal 2024, driven by higher revenues and improved gross margins [8] Sales Performance - Revenues from home sales increased from $670.7 million in the previous year to $686.9 million in Q2 fiscal 2024, attributed to a 4.7% increase in homes sold from 1,225 to 1,283 [5] Homebuilding Gross Margin - Gross margin on homebuilding improved from $119.3 million in the prior year to $133.8 million in Q2 fiscal 2024, with the margin before interest and land charges rising from 20.9% to 22.6% [6] SG&A & Interest Expenses - Selling, general and administrative (SG&A) expenses increased from $75.5 million to $79 million, representing 11.2% of total revenues compared to 10.7% in the prior year [7] - Total interest expenses as a percentage of total revenues decreased from 5.1% to 4.3% year over year [7] Liquidity & Debt Management - Total liquidity stood at $310.7 million as of April 30, 2024, exceeding the target of $170-$245 million, supporting strategic growth initiatives [9] - The company executed a strategic debt reduction, paying down $31.5 million in cash and restructuring debts, resulting in an $8.5 million reduction in annual interest expenses [9][13] Outlook - For Q3 fiscal 2024, total revenues are expected to be between $675 million and $775 million, with adjusted homebuilding gross margin projected between 21.5% and 23.5% [10] - For fiscal 2024, revenues are forecasted between $2.75 billion and $3 billion, with improvements in adjusted EBITDA and earnings per share [11] Strategic Developments - The company is shifting its strategy from debt reduction to pursuing growth opportunities, reflecting a focus on expansion amid stable economic conditions and housing supply shortages [12]

HOVNANIAN ENTERPRISES, INC. News Release Contact: Brad G. O'Connor Jeffrey T. O'Keefe Chief Financial Officer & Treasurer Vice President, Investor Relations 732-747-7800 732-747-7800 HOVNANIAN ENTERPRISES REPORTS FISCAL 2024 SECOND QUARTER RESULTS Income Before Income Taxes Increased More Than 50% Year-Over-Year 170 Basis Points Year-Over-Year Increase in Homebuilding Gross Margin Percentage Net Contracts per Community Increased Year-Over-Year to 13.9 MATAWAN, NJ, May 22, 2024 – Hovnanian Enterprises, Inc. ...

Income Before Income Taxes Increased More Than 50% Year-Over-Year 170 Basis Points Year-Over-Year Increase in Homebuilding Gross Margin Percentage Net Contracts per Community Increased Year-Over-Year to 13.9 MATAWAN, N.J., May 22, 2024 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, reported results for its fiscal second quarter and six months ended April 30, 2024. RESULTS FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED APRIL 30, 2024: Total revenues were $708.4 ...

Income Before Income Taxes Increased More Than 50% Year-Over-Year 170 Basis Points Year-Over-Year Increase in Homebuilding Gross Margin Percentage Net Contracts per Community Increased Year-Over-Year to 13.9 MATAWAN, N.J., May 22, 2024 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, reported results for its fiscal second quarter and six months ended April 30, 2024. RESULTS FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED APRIL 30, 2024: The Company is providing gu ...

MATAWAN, N.J., May 08, 2024 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE:HOV), a leading national homebuilder, will release financial results for the second quarter ended April 30, 2024, the morning of Wednesday, May 22, 2024. The Company will webcast its second quarter earnings conference call at 11:00 a.m. (ET) on Wednesday, May 22, 2024. The conference call and accompanying slide presentation will be webcast live through the "Investor Relations" section of Hovnanian Enterprises' website at http: ...

MATAWAN, N.J., May 08, 2024 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, will release financial results for the second quarter ended April 30, 2024, the morning of Wednesday, May 22, 2024. The Company will webcast its second quarter earnings conference call at 11:00 a.m. (ET) on Wednesday, May 22, 2024. The conference call and accompanying slide presentation will be webcast live through the “Investor Relations” section of Hovnanian Enterprises’ website at http ...

NEW YORK, May 2, 2024 /PRNewswire/ -- GTIS Partners ("GTIS"), a global real estate investment firm with a focus on residential and industrial/logistics investments, and Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, today announced that they have expanded their partnership to develop, construct and sell homes in a new joint venture of eight additional for-sale homebuilding communities. To date, the partners have invested in approximately 70 homebuilding communities through multiple ...

ThitareeSarmkasat Welcome to another installment of our Preferreds Market Weekly Review, where we discuss preferred stock and baby bond market activity from both the bottom-up, highlighting individual news and events, as well as the top-down, providing an overview of the broader market. We also try to add some historical context as well as relevant themes that look to be driving markets or that investors ought to be mindful of. This update covers the period through the first week of March. Be sure to ch ...

Table of Contents ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended January 31, 2024 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Commission file number 1-8551 FORM 10-Q Hovnanian Enterprises, Inc. (Exact Name of Registrant as Specified in Its Charter) (Mark One) Delaware (State or Other Jurisdiction of Incorporation o ...

Key PointsSmall- and micro-cap stocks are more volatile, presenting opportunities and risks.Hovnanian's stock price surge is cited as an example of volatility working in investors' favor.Emphasis on the importance of thorough research before investing in micro-cap stocks.5 stocks we like better than Eastman ChemicalWhen it comes to investing in micro-cap stocks, it can sometimes be a real challenge to distinguish the potential winners from those that might not offer much near-term upside. However, a great w ...