Core Insights - Hovnanian Enterprises, Inc. reported a 3.1% decrease in total revenues for the second quarter of fiscal 2025, totaling $686.5 million, compared to $708.4 million in the same quarter of the previous year [2] - The company achieved a 15% year-over-year increase in consolidated community count and controlled lots [1] - The return on equity (ROE) for the trailing twelve months was 27.0%, marking the second highest among midsized homebuilders [3] Financial Performance - Total revenues for the first half of fiscal 2025 increased by 4.4% to $1.36 billion compared to $1.30 billion in the first half of fiscal 2024 [2] - Domestic unconsolidated joint ventures' home sales revenues rose by 21.4% to $144.5 million in the second quarter, with 207 homes sold [2] - Homebuilding gross margin percentage decreased to 13.8% in the second quarter from 19.5% in the prior year [2][24] Income and Expenses - Income before income taxes for the second quarter was $26.5 million, down from $69.4 million in the same quarter last year [2] - Net income for the second quarter was $19.7 million, or $2.43 per diluted share, compared to $50.8 million, or $6.66 per diluted share, in the prior year [2][21] - Total SG&A expenses were $80.6 million, or 11.7% of total revenues, compared to $79.0 million, or 11.2% of total revenues, in the same quarter of the previous year [2] Contracts and Backlog - Consolidated contracts decreased by 7.5% year-over-year to 1,398 homes in the second quarter [2] - The dollar value of consolidated contract backlog decreased by 12.5% to $988.2 million as of April 30, 2025, compared to $1.13 billion a year earlier [2] - The gross contract cancellation rate for consolidated contracts was 15% in the second quarter, up from 14% in the previous year [3] Liquidity and Capital Management - Total liquidity as of April 30, 2025, was $202.4 million, within the targeted range of $170 million to $245 million [9] - The company redeemed $26.6 million of senior notes due in 2026 and repurchased 126,448 shares of common stock for $12.2 million [9][8] - Land and land development spending was $219.8 million in the second quarter, down from $230.5 million in the same quarter last year [9] Guidance - For the third quarter of fiscal 2025, total revenues are expected to be between $750 million and $850 million, with adjusted homebuilding gross margin projected between 17.0% and 18.0% [6]

MATAWAN, N.J., May 06, 2025 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, will release financial results for the second quarter ended April 30, 2025, the morning of Tuesday, May 20, 2025. The Company will webcast its second quarter earnings conference call at 11:00 a.m. (ET) on Tuesday, May 20, 2025. The conference call and accompanying slide presentation will be webcast live through the “Investor Relations” section of Hovnanian Enterprises’ website at http://w ...