ABOUT HOVNANIAN ENTERPRISES, INC.: FORWARD-LOOKING STATEMENTS "We are thrilled to get a ratings upgrade from Moody's, which follows an upgrade we received from S&P Ratings just two weeks ago," stated Brad G. O'Connor, Chief Financial Officer and Treasurer. "The combination of these upgrades by both rating agencies serves as validation of our accomplishments in paying down our debt and repairing our balance sheet over the past several years. We remain committed to further enhancing our balance sheet and impr ...

Core Viewpoint - Hovnanian Enterprises, Inc. has received a corporate family rating upgrade from Moody's, reflecting improved leverage and operating performance, alongside a stable outlook [1][2]. Group 1: Ratings Upgrade - Moody's upgraded Hovnanian's corporate family rating from B3 to B2, citing improvements in the company's leverage profile and net worth growth [1]. - This upgrade follows a similar upgrade from S&P Ratings received two weeks prior, indicating validation of the company's efforts in debt reduction and balance sheet repair [2]. Group 2: Financial Performance and Future Outlook - The company aims to enhance its balance sheet and credit metrics, with a focus on revenue growth to leverage selling, general, and administrative (SG&A) expenses, which is expected to lead to higher profitability [2]. - Positive trends in the for-sale home market contribute to the company's optimism regarding future investment returns [2]. Group 3: Company Overview - Hovnanian Enterprises, Inc. is one of the largest homebuilders in the U.S., operating in multiple states and marketing homes under the K. Hovnanian® Homes brand [3]. - The company also develops active lifestyle communities, further solidifying its position in the homebuilding industry [3].

Zacks Investment Research has recently initiated the coverage of Hovnanian Enterprises, Inc. (HOV) , a prominent residential homebuilder, with a "Neutral" recommendation. This assessment reflects a balance between Hovnanian's strategic improvements in financial health and operational efficiencies against the backdrop of ongoing market challenges and competitive pressures. A cornerstone of Hovnanian's recent success has been its robust financial restructuring. The company has dramatically reduced its debt fr ...

MATAWAN, N.J., June 12, 2024 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE:HOV), a leading national homebuilder, today announced that S&P Global Ratings ("S&P") has upgraded Hovnanian's issuer credit rating to 'B' from 'B-' citing better than expected debt leverage, sustained community count growth, steady demand in home sales and a focus on cash flow management, which will allow the company to grow the business through internally generated cash flows as contributing factors in a press release issue ...

MATAWAN, N.J., June 05, 2024 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, announced that senior management will be presenting at the Sidoti June Virtual Investor Conference taking place on June 12-13, 2024. The presentation will begin at 11:30 am ET on June 13, 2024 and can be accessed live here: Zoom Link. Hovnanian will also host virtual one-on-ones with investors on Wednesday and Thursday, June 12-13, 2024. To register for the presentation or one-on-ones, v ...

Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Matawan, New Jersey and, through its subsidiaries, is one of the nation's largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. The Company's homes are marketed and sold under the trade name K. Hovnanian® Homes. Additionally, the Company's subsidiaries, as developers of K. Hovnanian's® Four Sea ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended April 30, 2024 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number 1-8551 Hovnanian Enterprises, Inc. (Exact Name of Registrant as Specified in Its Charter) Indicate by check mark whether the registrant: (1) has fil ...

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 ...