Hovnanian Enterprises Slips To Loss In Q2 - Quick Facts

(RTTNews) - Home builder Hovnanian Enterprises Inc. (HOV) said that its net loss for the second quarter ended April 30, 2014 was $7.9 million or $0.05 per share, compared to net income of $1.3 million or $0.01 per share in the same quarter a year ago. The prior year quarter results included $2.6 million of federal and state tax benefits. Analysts polled by Thomson Reuters expected the company to report earnings of $0.03 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter were $449.9 million, an increase of 6.4% compared with $423.0 million in the fiscal 2013 second quarter. Wall Street analysts had a consensus revenue estimate of $476.72 million for the quarter.

The company noted that net contracts from its consolidated communities increased 7% for the second quarter. Given the increases in its consolidated net contracts, community count and backlog, the company currently anticipates continued growth in revenues resulting in profitability during the second half of fiscal 2014.

The company expects to be profitable for all of fiscal 2014, but its profitability is expected to be more back-end weighted than it was in fiscal 2013.