Of all the big US homebuilders, Hovnanian Enterprises Inc. (NYSE: HOV) has been one of the most troubled. But the company’s first fiscal quarter earnings report might represent a small step in the right direction.
The builder’s reported EPS loss was -$0.17, far less than the loss of -$0.82 in the same period a year ago, and much better than the consensus estimate for a loss of -$0.47. Revenue totaled $270 million, again higher than a year ago, but well short of the consensus estimate of $288 million. Still, investors like the direction and other builders like D.R. Horton Inc. (NYSE: DHI), Lennar Corp. (NYSE: LEN), and PulteGroup Inc. (NYSE: PHM) are getting a share price boost as well today.
Hovnanian reported a contract backlog of 1,730 homes with a total sales value of $578.4 million, up 28% and 33%, respectively, from last year’s quarterly totals.
Hovananian’s shares are up 1.6% at $2.44 in a 52-week range of $0.89-$3.90.
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