Hovnanian Enterprises (HOV) Reports Q3 EPS of $9.75

Hovnanian Enterprises (NYSE: HOV) reported Q3 EPS of $9.75, versus $7.38 reported last year. Revenue for the quarter came in at $722.7 million, versus $650 million reported last year.

FINANCIAL GUIDANCE(2):

The Company is increasing guidance for total revenues, adjusted income before income taxes, adjusted EBITDA, fully diluted earnings per share and common book value per share for the full fiscal year. Financial guidance below assumes no adverse changes in current market conditions, including further deterioration in our supply chain or material increases in mortgage rates, inflation or cancellation rates, and excludes further impact to SG&A expenses from phantom stock expense related solely to stock price movements from the closing price of $209.89 on July 31, 2024.

For the full fiscal year, total revenues are expected to be between $2.90 billion and $3.05 billion, adjusted homebuilding gross margin is expected to be between 21.5% and 22.5%, adjusted income before income taxes is expected to be between $300 million and $325 million, adjusted EBITDA is expected to be between $420 million and $445 million and fully diluted earnings per share is expected to be between $29 and $31. At the midpoint of our guidance, we anticipate our common book value per share to increase by about 50% at October 31, 2024, to approximately $109 per share compared to last year’s value at year-end of $73 per share.

For earnings history and earnings-related data on Hovnanian Enterprises (HOV) click here.

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