Hovnanian Enterprises(HOV) - 2025 Q1 - Quarterly Results

Revenue Growth - Total revenues increased 13.4% to $673.6 million in Q1 fiscal 2025 compared to$594.2 million in Q1 fiscal 2024[4] - Sale of homes revenues increased 12.8% to $646.9 million (1,254 homes) in Q1 fiscal 2025 compared to$573.6 million (1,063 homes) in Q1 fiscal 2024[4] - Total revenues for the three months ended January 31, 2025, increased to $673,623,000, up from$594,196,000 in the same period of 2024, representing a growth of 13.4%[25] - Homebuilding revenues rose to $656.681 million, a 13.4$578.928 million in the prior year[43] Income and Profitability - Income before income taxes rose 22.4% to $39.9 million in Q1 fiscal 2025 from$32.6 million in the same period last year[6] - Net income for the three months ended January 31, 2025, was $28,191,000, compared to$23,904,000 in the prior year, reflecting an increase of 17.6%[25] - Income before income taxes for the three months ended January 31, 2025, was $39,863,000, an increase from$32,563,000 in the same period of 2024, representing a growth of 22.4%[26] - Net income available to common stockholders for the quarter was $25.522 million, representing a 20.8$21.235 million in the previous year[43] Margins and Costs - Homebuilding gross margin for the three months ended January 31, 2025, decreased to $98,391,000, with a gross margin percentage of 15.2$553.686 million, up 17.9% from $469.413 million in the prior year[43] Contracts and Backlog - Consolidated contracts increased 6.9$643.3 million) in Q1 fiscal 2025 compared to 1,127 homes ($624.4 million) in Q1 fiscal 2024[6] - The dollar value of consolidated contract backlog decreased 16.1$931.9 million as of January 31, 2025, compared to $1.11 billion a year earlier[6] - The backlog of contracts as of January 31, 2025, was$2.001 billion, down 10.9% from $2.245 billion a year earlier[44] Liquidity and Financial Position - Total liquidity as of January 31, 2025, was$222.4 million, within the targeted range of $170 million to$245 million[12] - Cash and cash equivalents decreased to $94,258 thousand from$209,976 thousand as of October 31, 2024[41] - Total assets as of January 31, 2025, were $2,533,275 thousand, down from$2,605,574 thousand as of October 31, 2024[41] - Total liabilities decreased to $1,721,849 thousand from$1,805,225 thousand as of October 31, 2024[41] Shareholder Information - The weighted average number of common shares outstanding increased to 6,517,000 for the three months ended January 31, 2025, compared to 6,496,000 in the prior year[25] - The weighted-average number of common shares outstanding increased to 7,071, up from 6,937 in the previous year, affecting per share calculations[43] Segment Performance - In the Northeast segment, home contracts increased by 64.8% to 117 homes, with revenues rising 37.3% to $78,729,000 compared to the previous year[48] - The Southeast segment saw home deliveries rise by 21.8$42,990,000[48] - The West segment experienced a significant decline, with home contracts dropping by 57.7% to 11 homes and revenues falling 50.2% to $5,766,000[48] Joint Ventures - Income from unconsolidated joint ventures decreased to$9.205 million from $14.952 million in the same quarter of 2024[43] - Overall, unconsolidated joint ventures reported a 28.3$127,485,000[48] - The KSA joint venture showed remarkable growth, with home contracts increasing by 187.0% to 198 homes and revenues soaring 256.3% to $50,272,000[48] - The data from unconsolidated joint ventures serves as a supplementary indicator of the volume managed, reflecting the company's strategic focus on joint ventures for homebuilding[50]