HOV - Hovnanian sees FY2021 revenue rising as much as 12.5%

Hovnanian Enterprises ([[HOV]] -1.8%) sees fiscal 2021 revenue of $2.5B-$2.7B, up from $2.4B in fiscal 2020 (ended Oct. 31).The homebuilder also expects to achieve more operating efficiencies and improve profitability in its current fiscal year, Chairman, President and CEO Ara K. Hovnanian said.Fiscal Q4 adjusted pretax income of $45.1M increased from $44.5M in the year-ago quarter.Q4 net income of $5.54 per share compares with a loss per share of 30 cents a year ago.Q4 revenue of $683.4M fell 4.2% Y/Y from $713.6M.Adjusted EBITDA of $87.1M fell from $96.1M a year ago.Consolidated contracts per community increased 74% to 16.5  for the quarter ended Oct. 31, 2020 vs. 9.5 in Q4 2019.The number of consolidated contracts rose 43% to 1,918 homes vs. 1,345 home a year earlier; consolidated deliveries fell 8.0% Y/Y to 1,572 from 1,709.Consolidated contract average sales price per home was $432.2K vs. $385.0K a year ago; consolidated deliveries average

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Hovnanian sees FY2021 revenue rising as much as 12.5%