HOV - Hovnanian Enterprises surges on strong quarterly results; upbeat FY22 outlook

Hovnanian Enterprises (HOV +11.7%) shares are on the rise after the company reported strong financial results for FQ4 and fiscal year 2021. Total revenues grew 19.2% Y/Y to $814.3M in FQ4. Full-year revenues were up 18.7% Y/Y to $2.78B. Homebuilding gross margin percentage, after cost of sales interest expense and land charges, increased 200 basis points to 19.4% in the quarter, while it was up 390 basis points to 18.6% during the year. As of the end of fiscal 2021, community count increased to 140, up 17% sequentially from the third quarter, while consolidated backlog dollars increased 15.4% Y/Y to $1.64B. The national homebuilder generated net income of $52.5M, or $7.41 per diluted common share, in the quarter, compared with net income of $40.6M, or $5.54 per diluted common share, in the prior year period. For fiscal 2021, net income was $607.8M, or $85.86 per diluted common share, compared with

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Hovnanian Enterprises surges on strong quarterly results; upbeat FY22 outlook