Financial Performance - Total revenues increased 13.4% to $673.6 million in Q1 fiscal 2025, compared to $594.2 million in the same quarter last year[4] - Income before income taxes rose 22.4% to $39.9 million in Q1 fiscal 2025, compared to $32.6 million in the prior year[6] - Net income was $28.2 million, or $3.58 per diluted share, for Q1 fiscal 2025, compared to $23.9 million, or $2.91 per diluted share, in the same period last year[6] - Adjusted EBITDA for the three months ended January 31, 2025, was $72,074,000, an increase from $63,441,000 in 2024, indicating a growth of 13.0%[30] - Net income for the three months ended January 31, 2025, was $28,191,000, compared to $23,904,000 in 2024, reflecting an increase of 17.6%[25] - The company’s net income available to common stockholders for the three months ended January 31, 2025, was $25,522,000, compared to $21,235,000 in 2024, reflecting an increase of 20.5%[25] Homebuilding Metrics - Homebuilding gross margin percentage was 15.2% for Q1 fiscal 2025, down from 18.3% in the same quarter last year[4] - Consolidated contracts increased 6.9% to 1,205 homes in Q1 fiscal 2025, compared to 1,127 homes in the same quarter last year[6] - Home deliveries totaled 1,205 units, a 6.9% increase from 1,127 units in the same period last year[43] - The backlog of contracts as of January 31, 2025, was 2,001 homes, down 10.9% from 2,245 homes in the prior year[43] - Homebuilding revenues rose to $656.681 million, a 13.4% increase compared to $578.928 million in the prior year[42] Liquidity and Assets - Total liquidity as of January 31, 2025, was $222.4 million, within the targeted liquidity range of $170 million to $245 million[13] - Cash and cash equivalents decreased to $94,258 thousand from $209,976 thousand as of October 31, 2024[40] - Total assets as of January 31, 2025, were $2,533,275 thousand, down from $2,605,574 thousand as of October 31, 2024[40] - Total liabilities decreased to $1,721,849 thousand from $1,805,225 thousand as of October 31, 2024[40] Cost and Expenses - The cost of sales, excluding interest, increased to $533.290 million, up 18.7% from $449.213 million in the same quarter of 2024[42] - The interest incurred for the three months ended January 31, 2025, was $29,855,000, compared to $31,961,000 in 2024, showing a decrease of 6.6%[33] Joint Ventures and Investments - Income from unconsolidated joint ventures decreased to $9,205,000 for the three months ended January 31, 2025, down from $14,952,000 in 2024, a decline of 38.5%[25] - Investments in and advances to unconsolidated joint ventures increased to $172,679 thousand from $142,910 thousand as of October 31, 2024[40] - The company experienced a significant increase in contracts signed, with a 28.3% rise in homes contracted in unconsolidated joint ventures[43] Regional 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[47] - The Southeast segment saw home deliveries rise by 21.8% to 67 homes, with revenues increasing 37.9% to $42,990,000[47] - 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[47] Market Trends - The average price of homes sold decreased by 2.8% to $550,537 compared to $566,425 in the same quarter of 2024[43] - Average home prices in the Northeast decreased by 16.7% to $672,897, while the Southeast saw an increase of 13.2% to $641,642[47] - The average price in the West segment rose by 17.7% to $524,182, despite a significant drop in home deliveries[47] Overall Outlook - The overall performance indicates a mixed outlook, with strong growth in certain regions and segments, while others face challenges[47]
Hovnanian Enterprises Inc(HOVNP) - 2025 Q1 - Quarterly Results