HOV - Hovnanian Enterprises slides despite strong quarter and raised guidance

Hovnanian Enterprises ([[HOV]] -3.7%) fiscal Q2 net income of $488.7M, or $69.65 per share (includes valuation allowance reduction benefit), compared to net income of $4.1M, or $0.60 per share.Total revenue for the three months ended April 30, 2021 was $703.2M, up 30.6% Y/Y.Homebuilding gross margin, after coast of sales interest expense and land charges, increased 360 bps to 18.1% vs. 14.5% in the year-ago quarter; Homebuilding gross margin percentage, before cost of sales interest expense and land charges, increased 310 bps to 21.3% vs. 18.2% in the year-ago quarter.EBITDA increased 49.9% to $76.3M vs. $50.9M in the year-ago quarter; excluding incremental phantom stock expense, adjusted EBITDA would have increased 80.2% to $93.9M and would have exceeded the high end of the guidance range for the quarter provided last quarter.Number of consolidated contracts increased 19.1% to 1,771 homes; number of contracts, including domestic unconsolidated joint ventures increased 19.4% to 1,960 homes.Q2 consolidated deliveries were 1,618 homes, up 22.1% Y/Y.Dollar value of consolidated contract backlog was $1.77B at April

For further details see:

Hovnanian Enterprises slides despite strong quarter and raised guidance