HOV - Hovnanian GAAP EPS of $2.26 revenue of $515.36M

• Hovnanian press release ( NYSE: HOV ): Q1 GAAP EPS of $2.26.
• Revenue of $515.36M (-8.8% Y/Y).
• Sale of homes revenues decreased 9.4% to $499.6 million (938 homes) in the fiscal 2023 first quarter compared with $551.4 million (1,174 homes) in the previous year’s first quarter.
• EBITDA was $49.6 million for the first quarter of fiscal 2023 compared with $63.7 million in the same quarter of the prior year.
• For the second quarter of fiscal 2023, total revenues are expected to be between $525 million and $625 million, gross margin, before cost of sales interest expense and land charges, is expected to be between 21.0% and 22.5%, adjusted pretax income is expected to be between $20 million and $35 million, and adjusted EBITDA is expected to be between $52 million and $67 million.

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