We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hovnanian Enterprises Inc | NYSE:HOV | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.64 | 0.46% | 139.83 | 141.18 | 137.37 | 137.37 | 50,628 | 22:30:00 |
RESULTS FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED APRIL 30, 2024:
(1)When we refer to “Domestic Unconsolidated Joint Ventures”, we are excluding results from our multi-community unconsolidated joint venture in the Kingdom of Saudi Arabia (KSA).
LIQUIDITY AND INVENTORY AS OF APRIL 30, 2024:
DEBT REDUCTION:
FINANCIAL GUIDANCE(2):
The Company is providing guidance for total revenues, adjusted homebuilding gross margin, adjusted income before income taxes and adjusted EBITDA for the third quarter of fiscal 2024 and for the full fiscal year. Financial guidance below assumes no adverse changes in current market conditions, including further deterioration in our supply chain or material increases in mortgage rates, inflation or cancellation rates, and excludes further impact to SG&A expenses from phantom stock expense related solely to stock price movements from the closing price of $147.83 on April 30, 2024.
For the third quarter of fiscal 2024, total revenues are expected to be between $675 million and $775 million, adjusted homebuilding gross margin is expected to be between 21.5% and 23.5%, adjusted income before income taxes is expected to be between $65 million and $75 million and adjusted EBITDA is expected to be between $97 million and $107 million.
For the full fiscal year, total revenues are expected to be between $2.75 billion and $3.00 billion, adjusted homebuilding gross margin is expected to be between 21.5% and 23.0%, adjusted income before income taxes is expected to be between $265 million and $300 million, adjusted EBITDA is expected to be between $395 million and $430 million and fully diluted earnings per share is expected to be between $25 and $29. At the midpoint of our guidance, we anticipate our common book value per share to increase by 45% at October 31, 2024 to approximately $106 per share compared to last year’s value at year-end of $73 per share.
(2)The Company cannot provide a reconciliation between its non-GAAP projections and the most directly comparable GAAP measures without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items required for the reconciliation. These items include, but are not limited to, land-related charges, inventory impairments and land option write-offs and loss (gain) on extinguishment of debt, net. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results.
COMMENTS FROM MANAGEMENT:
“Given the rising mortgage rate environment, we are extremely pleased with our performance during the second quarter of fiscal 2024. Our adjusted EBITDA and adjusted pretax income were both significantly above the high end of our guidance,” stated Ara K. Hovnanian, Chairman of the Board, President and Chief Executive Officer. “We are firmly in the higher-for-longer mortgage rate environment yet demand for new homes remains resilient. Our contracts per community for the second quarter of fiscal 2024 increased to 13.9, which was 22% higher than the average second quarter contracts per community since 1997. Website visits and foot traffic in our communities continues to be strong.”
“After paying down over $741 million of debt over the past several years, we are now in a position where we will shift our primary focus to growth rather than using cash flow for further debt reduction in the near term. We expect future revenue growth will facilitate the achievement of both economies of scale and higher levels of profits which will improve our credit metrics and enhance our balance sheet by increasing equity levels. The housing market continues to be driven by an ongoing shortage of housing supply, a stable economy with low levels of unemployment and robust demographic trends. We are optimistic that we will be able to capitalize on these positive fundamentals and continue to deliver top-tier industry returns to our shareholders,” concluded Mr. Hovnanian.
WEBCAST INFORMATION:
Hovnanian Enterprises will webcast its fiscal 2024 second quarter financial results conference call at 11:00 a.m. E.T. on Wednesday, May 22, 2024. The webcast can be accessed live through the “Investor Relations” section of Hovnanian Enterprises’ website at http://www.khov.com. For those who are not available to listen to the live webcast, an archive of the broadcast will be available under the “Past Events” section of the Investor Relations page on the Hovnanian website at http://www.khov.com. The archive will be available for 12 months.
ABOUT HOVNANIAN ENTERPRISES, INC.:
Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Matawan, New Jersey and, through its subsidiaries, is one of the nation’s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. The Company’s homes are marketed and sold under the trade name K. Hovnanian® Homes. Additionally, the Company’s subsidiaries, as developers of K. Hovnanian’s® Four Seasons communities, make the Company one of the nation’s largest builders of active lifestyle communities.
Additional information on Hovnanian Enterprises, Inc. can be accessed through the “Investor Relations” section of the Hovnanian Enterprises’ website at http://www.khov.com. To be added to Hovnanian's investor e-mail list, please send an e-mail to IR@khov.com or sign up at http://www.khov.com.
NON-GAAP FINANCIAL MEASURES:
Consolidated earnings before interest expense and income taxes (“EBIT”) and before depreciation and amortization (“EBITDA”) and before inventory impairments and land option write-offs and gain on extinguishment of debt, net (“Adjusted EBITDA”) are not U.S. generally accepted accounting principles (“GAAP”) financial measures. The most directly comparable GAAP financial measure is net income. The reconciliation for historical periods of EBIT, EBITDA and Adjusted EBITDA to net income is presented in a table attached to this earnings release.
Homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively. The reconciliation for historical periods of homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, to homebuilding gross margin and homebuilding gross margin percentage, respectively, is presented in a table attached to this earnings release.
Adjusted income before income taxes, which is defined as income before income taxes excluding land-related charges and gain on extinguishment of debt, net is a non-GAAP financial measure. The most directly comparable GAAP financial measure is income before income taxes. The reconciliation for historical periods of adjusted income before income taxes to income before income taxes is presented in a table attached to this earnings release.
Total liquidity is comprised of $182.0 million of cash and cash equivalents, $3.7 million of restricted cash required to collateralize letters of credit and $125.0 million availability under the senior secured revolving credit facility as of April 30, 2024.
FORWARD-LOOKING STATEMENTS
All statements in this press release that are not historical facts should be considered as “Forward-Looking Statements” within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such forward-looking statements include but are not limited to statements related to the Company’s goals and expectations with respect to its financial results for future financial periods and statements regarding demand for homes, mortgage rates, inflation, supply chain issues, customer incentives and underlying factors. Although we believe that our plans, intentions and expectations reflected in, or suggested by, such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are not guarantees of future performance or results and (iii) are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements as a result of a variety of factors. Such risks, uncertainties and other factors include, but are not limited to, (1) changes in general and local economic, industry and business conditions and impacts of a significant homebuilding downturn; (2) shortages in, and price fluctuations of, raw materials and labor, including due to geopolitical events, changes in trade policies, including the imposition of tariffs and duties on homebuilding materials and products and related trade disputes with and retaliatory measures taken by other countries; (3) fluctuations in interest rates and the availability of mortgage financing, including as a result of instability in the banking sector; (4) adverse weather and other environmental conditions and natural disasters; (5) the seasonality of the Company’s business; (6) the availability and cost of suitable land and improved lots and sufficient liquidity to invest in such land and lots; (7) reliance on, and the performance of, subcontractors; (8) regional and local economic factors, including dependency on certain sectors of the economy, and employment levels affecting home prices and sales activity in the markets where the Company builds homes; (9) increases in cancellations of agreements of sale; (10) increases in inflation; (11) changes in tax laws affecting the after-tax costs of owning a home; (12) legal claims brought against us and not resolved in our favor, such as product liability litigation, warranty claims and claims made by mortgage investors; (13) levels of competition; (14) utility shortages and outages or rate fluctuations; (15) information technology failures and data security breaches; (16) negative publicity; (17) high leverage and restrictions on the Company’s operations and activities imposed by the agreements governing the Company’s outstanding indebtedness; (18) availability and terms of financing to the Company; (19) the Company’s sources of liquidity; (20) changes in credit ratings; (21) government regulation, including regulations concerning development of land, the home building, sales and customer financing processes, tax laws and the environment; (22) operations through unconsolidated joint ventures with third parties; (23) significant influence of the Company’s controlling stockholders; (24) availability of net operating loss carryforwards; (25) loss of key management personnel or failure to attract qualified personnel; (26) public health issues such as major epidemic or pandemic; and (27) certain risks, uncertainties and other factors described in detail in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2023 and the Company’s Quarterly Reports on Form 10-Q for the quarterly periods during fiscal 2024 and subsequent filings with the Securities and Exchange Commission. Except as otherwise required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.
Hovnanian Enterprises, Inc. | ||||||||||||||||
April 30, 2024 | ||||||||||||||||
Statements of consolidated operations | ||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
April 30, | April 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Total revenues | $ | 708,380 | $ | 703,661 | $ | 1,302,576 | $ | 1,219,027 | ||||||||
Costs and expenses (1) | 650,152 | 662,946 | 1,228,108 | 1,167,425 | ||||||||||||
Gain on extinguishment of debt, net | - | - | 1,371 | - | ||||||||||||
Income from unconsolidated joint ventures | 11,164 | 5,408 | 26,116 | 12,568 | ||||||||||||
Income before income taxes | 69,392 | 46,123 | 101,955 | 64,170 | ||||||||||||
Income tax provision | 18,556 | 11,977 | 27,215 | 11,308 | ||||||||||||
Net income | 50,836 | 34,146 | 74,740 | 52,862 | ||||||||||||
Less: preferred stock dividends | 2,669 | 2,669 | 5,338 | 5,338 | ||||||||||||
Net income available to common stockholders | $ | 48,167 | $ | 31,477 | $ | 69,402 | $ | 47,524 | ||||||||
Per share data: | ||||||||||||||||
Basic: | ||||||||||||||||
Net income per common share | $ | 7.12 | $ | 4.68 | $ | 10.22 | $ | 7.05 | ||||||||
Weighted average number of common shares outstanding | 6,457 | 6,166 | 6,477 | 6,176 | ||||||||||||
Assuming dilution: | ||||||||||||||||
Net income per common share | $ | 6.66 | $ | 4.47 | $ | 9.57 | $ | 6.74 | ||||||||
Weighted average number of common shares outstanding | 6,902 | 6,462 | 6,920 | 6,463 | ||||||||||||
(1) Includes inventory impairments and land option write-offs. | ||||||||||||||||
Hovnanian Enterprises, Inc. | ||||||||||||||||
April 30, 2024 | ||||||||||||||||
Reconciliation of income before income taxes excluding land-related charges and gain on extinguishment of debt, net to income before income taxes | ||||||||||||||||
(In thousands) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
April 30, | April 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Income before income taxes | $ | 69,392 | $ | 46,123 | $ | 101,955 | $ | 64,170 | ||||||||
Inventory impairments and land option write-offs | 237 | 137 | 539 | 614 | ||||||||||||
Gain on extinguishment of debt, net | - | - | (1,371 | ) | - | |||||||||||
Income before income taxes excluding land-related charges and gain on extinguishment of debt, net (1) | $ | 69,629 | $ | 46,260 | $ | 101,123 | $ | 64,784 | ||||||||
(1) Income before income taxes excluding land-related charges and gain on extinguishment of debt, net is a non-GAAP financial measure. The most directly comparable GAAP financial measure is income before income taxes. |
Hovnanian Enterprises, Inc. | |||||||||||||||||
April 30, 2024 | |||||||||||||||||
Gross margin | |||||||||||||||||
(In thousands) | |||||||||||||||||
Homebuilding Gross Margin | Homebuilding Gross Margin | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
April 30, | April 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
Sale of homes | $ | 686,929 | $ | 670,708 | $ | 1,260,565 | $ | 1,170,353 | |||||||||
Cost of sales, excluding interest expense and land charges (1) | 531,385 | 530,759 | 979,833 | 921,722 | |||||||||||||
Homebuilding gross margin, before cost of sales interest expense and land charges (2) | 155,544 | 139,949 | 280,732 | 248,631 | |||||||||||||
Cost of sales interest expense, excluding land sales interest expense | 21,543 | 20,521 | 41,441 | 35,522 | |||||||||||||
Homebuilding gross margin, after cost of sales interest expense, before land charges (2) | 134,001 | 119,428 | 239,291 | 213,109 | |||||||||||||
Land charges | 237 | 137 | 539 | 614 | |||||||||||||
Homebuilding gross margin | $ | 133,764 | $ | 119,291 | $ | 238,752 | $ | 212,495 | |||||||||
Homebuilding gross margin percentage | 19.5 | % | 17.8 | % | 18.9 | % | 18.1 | % | |||||||||
Homebuilding gross margin percentage, before cost of sales interest expense and land charges (2) | 22.6 | % | 20.9 | % | 22.3 | % | 21.2 | % | |||||||||
Homebuilding gross margin percentage, after cost of sales interest expense, before land charges (2) | 19.5 | % | 17.8 | % | 19.0 | % | 18.2 | % | |||||||||
Land Sales Gross Margin | Land Sales Gross Margin | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
April 30, | April 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
Land and lot sales | $ | 213 | $ | 15,284 | $ | 1,553 | $ | 15,613 | |||||||||
Cost of sales, excluding interest (1) | 117 | 9,863 | 882 | 9,940 | |||||||||||||
Land and lot sales gross margin, excluding interest and land charges | 96 | 5,421 | 671 | 5,673 | |||||||||||||
Land and lot sales interest expense | - | 904 | - | 925 | |||||||||||||
Land and lot sales gross margin, including interest | $ | 96 | $ | 4,517 | $ | 671 | $ | 4,748 | |||||||||
(1) Does not include cost associated with walking away from land options or inventory impairment losses which are recorded as Inventory impairment loss and land option write-offs in the Condensed Consolidated Statements of Operations. | |||||||||||||||||
(2) Homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively. |
Hovnanian Enterprises, Inc. | |||||||||||||||
April 30, 2024 | |||||||||||||||
Reconciliation of adjusted EBITDA to net income | |||||||||||||||
(In thousands) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
April 30, | April 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
Net income | $ | 50,836 | $ | 34,146 | $ | 74,740 | $ | 52,862 | |||||||
Income tax provision | 18,556 | 11,977 | 27,215 | 11,308 | |||||||||||
Interest expense | 30,512 | 35,926 | 60,861 | 66,041 | |||||||||||
EBIT (1) | 99,904 | 82,049 | 162,816 | 130,211 | |||||||||||
Depreciation and amortization | 2,014 | 4,514 | 3,612 | 5,924 | |||||||||||
EBITDA (2) | 101,918 | 86,563 | 166,428 | 136,135 | |||||||||||
Inventory impairments and land option write-offs | 237 | 137 | 539 | 614 | |||||||||||
Gain on extinguishment of debt, net | - | - | (1,371 | ) | - | ||||||||||
Adjusted EBITDA (3) | $ | 102,155 | $ | 86,700 | $ | 165,596 | $ | 136,749 | |||||||
Interest incurred | $ | 34,530 | $ | 35,122 | $ | 66,491 | $ | 69,448 | |||||||
Adjusted EBITDA to interest incurred | 2.96 | 2.47 | 2.49 | 1.97 | |||||||||||
(1) EBIT is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income. EBIT represents earnings before interest expense and income taxes. | |||||||||||||||
(2) EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income. EBITDA represents earnings before interest expense, income taxes, depreciation and amortization. | |||||||||||||||
(3) Adjusted EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income. Adjusted EBITDA represents earnings before interest expense, income taxes, depreciation, amortization, inventory impairments and land option write-offs and gain on extinguishment of debt, net. | |||||||||||||||
Hovnanian Enterprises, Inc. | |||||||||||||||
April 30, 2024 | |||||||||||||||
Interest incurred, expensed and capitalized | |||||||||||||||
(In thousands) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
April 30, | April 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
Interest capitalized at beginning of period | $ | 53,672 | $ | 60,795 | $ | 52,060 | $ | 59,600 | |||||||
Plus: interest incurred | 34,530 | 35,122 | 66,491 | 69,448 | |||||||||||
Less: interest expensed | (30,512 | ) | (35,926 | ) | (60,861 | ) | (66,041 | ) | |||||||
Less: interest contributed to unconsolidated joint venture (1) | (5,468 | ) | - | (5,468 | ) | (3,016 | ) | ||||||||
Plus: interest acquired from unconsolidated joint venture (2) | - | 283 | - | 283 | |||||||||||
Interest capitalized at end of period (3) | $ | 52,222 | $ | 60,274 | $ | 52,222 | $ | 60,274 | |||||||
(1) Represents capitalized interest which was included as part of the assets contributed to joint ventures the company entered into during the six months ended April 30, 2024 and 2023, respectively. There was no impact to the Condensed Consolidated Statement of Operations as a result of these transactions. | |||||||||||||||
(2) Represents capitalized interest which was included as part of the assets purchased from a joint venture the company closed out during the six months ended April 30, 2023. There was no impact to the Condensed Consolidated Statement of Operations as a result of this transaction. | |||||||||||||||
(3) Capitalized interest amounts are shown gross before allocating any portion of impairments to capitalized interest. |
Hovnanian Enterprises, Inc. | ||||||||||||||||||||
April 30, 2024 | ||||||||||||||||||||
Calculation of Consolidated Adjusted EBIT ROI | ||||||||||||||||||||
TTM | ||||||||||||||||||||
For the quarter ended | ended | |||||||||||||||||||
(Dollars in thousands) | 7/31/2023 | 10/31/2023 | 1/31/2024 | 4/30/2024 | 4/30/2024 | |||||||||||||||
Consolidated EBIT | $ | 103,164 | $ | 157,478 | $ | 62,912 | $ | 99,904 | $ | 423,458 | ||||||||||
Impairments and walk away | $ | 308 | $ | 614 | $ | 302 | $ | 237 | $ | 1,461 | ||||||||||
Loss (gain) on extinguishment of debt | $ | 4,082 | $ | 21,556 | $ | (1,371 | ) | $ | 0 | $ | 24,267 | |||||||||
Adjusted EBIT | $ | 107,554 | $ | 179,648 | $ | 61,843 | $ | 100,141 | $ | 449,186 | ||||||||||
As of | ||||||||||||||||||||
4/30/2023 | 7/31/2023 | 10/31/2023 | 1/31/2024 | 4/30/2024 | ||||||||||||||||
Total inventories | $ | 1,484,992 | $ | 1,411,260 | $ | 1,349,186 | $ | 1,463,558 | $ | 1,417,058 | ||||||||||
Less liabilities from inventory not owned, net of debt issuance costs | 200,299 | 145,979 | 124,254 | 114,658 | 86,618 | |||||||||||||||
Less capitalized interest | 60,274 | 55,274 | 52,060 | 53,672 | 52,222 | |||||||||||||||
Plus investments in and advances to unconsolidated joint ventures | 85,820 | 85,260 | 97,886 | 110,592 | 150,674 | FiveQuarter | ||||||||||||||
Goodwill | - | - | - | - | - | Average | ||||||||||||||
Inventories less consolidated inventory not owned and capitalized interest plus liabilities from inventory not owned | $ | 1,310,239 | $ | 1,295,267 | $ | 1,270,758 | $ | 1,405,820 | $ | 1,428,892 | $ | 1,342,195 | ||||||||
Consolidated Adjusted EBIT ROI | 33.5% |
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, except per share data) | |||||||
April 30, | October 31, | ||||||
2024 | 2023 | ||||||
(Unaudited) | (1) | ||||||
ASSETS | |||||||
Homebuilding: | |||||||
Cash and cash equivalents | $ | 181,966 | $ | 434,119 | |||
Restricted cash and cash equivalents | 8,370 | 8,431 | |||||
Inventories: | |||||||
Sold and unsold homes and lots under development | 1,135,232 | 998,841 | |||||
Land and land options held for future development or sale | 138,641 | 125,587 | |||||
Consolidated inventory not owned | 143,185 | 224,758 | |||||
Total inventories | 1,417,058 | 1,349,186 | |||||
Investments in and advances to unconsolidated joint ventures | 150,674 | 97,886 | |||||
Receivables, deposits and notes, net | 24,975 | 27,982 | |||||
Property and equipment, net | 39,593 | 33,946 | |||||
Prepaid expenses and other assets | 72,747 | 69,886 | |||||
Total homebuilding | 1,895,383 | 2,021,436 | |||||
Financial services | 142,559 | 168,671 | |||||
Deferred tax assets, net | 279,704 | 302,833 | |||||
Total assets | $ | 2,317,646 | $ | 2,492,940 | |||
LIABILITIES AND EQUITY | |||||||
Homebuilding: | |||||||
Nonrecourse mortgages secured by inventory, net of debt issuance costs | $ | 85,557 | $ | 91,539 | |||
Accounts payable and other liabilities | 379,367 | 415,480 | |||||
Customers’ deposits | 45,619 | 51,419 | |||||
Liabilities from inventory not owned, net of debt issuance costs | 86,618 | 124,254 | |||||
Senior notes and credit facilities (net of discounts, premiums and debt issuance costs) | 932,957 | 1,051,491 | |||||
Accrued interest | 18,220 | 26,926 | |||||
Total homebuilding | 1,548,338 | 1,761,109 | |||||
Financial services | 122,262 | 148,181 | |||||
Income taxes payable | - | 1,861 | |||||
Total liabilities | 1,670,600 | 1,911,151 | |||||
Equity: | |||||||
Hovnanian Enterprises, Inc. stockholders' equity: | |||||||
Preferred stock, $0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of $140,000 at April 30, 2024 and October 31, 2023 | 135,299 | 135,299 | |||||
Common stock, Class A, $0.01 par value - authorized 16,000,000 shares; issued 6,288,200 shares at April 30, 2024 and 6,247,308 shares at October 31, 2023 | 63 | 62 | |||||
Common stock, Class B, $0.01 par value (convertible to Class A at time of sale) - authorized 2,400,000 shares; issued 736,593 shares at April 30, 2024 and 776,750 shares at October 31, 2023 | 7 | 8 | |||||
Paid in capital - common stock | 747,001 | 735,946 | |||||
Accumulated deficit | (87,795 | ) | (157,197 | ) | |||
Treasury stock - at cost – 1,007,426 shares of Class A common stock at April 30, 2024 and 901,379 shares at October 31, 2023; 27,669 shares of Class B common stock at April 30, 2024 and October 31, 2023 | (147,529 | ) | (132,382 | ) | |||
Total Hovnanian Enterprises, Inc. stockholders’ equity | 647,046 | 581,736 | |||||
Noncontrolling interest in consolidated joint ventures | - | 53 | |||||
Total equity | 647,046 | 581,789 | |||||
Total liabilities and equity | $ | 2,317,646 | $ | 2,492,940 |
(1) Derived from the audited balance sheet as of October 31, 2023
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share data)(Unaudited) | ||||||||||||||||
Three Months Ended April 30, | Six Months Ended April 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenues: | ||||||||||||||||
Homebuilding: | ||||||||||||||||
Sale of homes | $ | 686,929 | $ | 670,708 | $ | 1,260,565 | $ | 1,170,353 | ||||||||
Land sales and other revenues | 4,284 | 18,750 | 9,576 | 22,307 | ||||||||||||
Total homebuilding | 691,213 | 689,458 | 1,270,141 | 1,192,660 | ||||||||||||
Financial services | 17,167 | 14,203 | 32,435 | 26,367 | ||||||||||||
Total revenues | 708,380 | 703,661 | 1,302,576 | 1,219,027 | ||||||||||||
Expenses: | ||||||||||||||||
Homebuilding: | ||||||||||||||||
Cost of sales, excluding interest | 531,502 | 540,622 | 980,715 | 931,662 | ||||||||||||
Cost of sales interest | 21,543 | 21,425 | 41,441 | 36,447 | ||||||||||||
Inventory impairments and land option write-offs | 237 | 137 | 539 | 614 | ||||||||||||
Total cost of sales | 553,282 | 562,184 | 1,022,695 | 968,723 | ||||||||||||
Selling, general and administrative | 46,489 | 50,456 | 95,426 | 98,374 | ||||||||||||
Total homebuilding expenses | 599,771 | 612,640 | 1,118,121 | 1,067,097 | ||||||||||||
Financial services | 12,023 | 10,152 | 23,494 | 19,205 | ||||||||||||
Corporate general and administrative | 32,517 | 25,079 | 69,650 | 50,569 | ||||||||||||
Other interest | 8,969 | 14,501 | 19,420 | 29,594 | ||||||||||||
Other (income) expenses, net | (3,128 | ) | 574 | (2,577 | ) | 960 | ||||||||||
Total expenses | 650,152 | 662,946 | 1,228,108 | 1,167,425 | ||||||||||||
Gain on extinguishment of debt, net | - | - | 1,371 | - | ||||||||||||
Income from unconsolidated joint ventures | 11,164 | 5,408 | 26,116 | 12,568 | ||||||||||||
Income before income taxes | 69,392 | 46,123 | 101,955 | 64,170 | ||||||||||||
State and federal income tax provision: | ||||||||||||||||
State | 5,231 | 1,083 | 7,437 | 3,294 | ||||||||||||
Federal | 13,325 | 10,894 | 19,778 | 8,014 | ||||||||||||
Total income taxes | 18,556 | 11,977 | 27,215 | 11,308 | ||||||||||||
Net income | 50,836 | 34,146 | 74,740 | 52,862 | ||||||||||||
Less: preferred stock dividends | 2,669 | 2,669 | 5,338 | 5,338 | ||||||||||||
Net income available to common stockholders | $ | 48,167 | $ | 31,477 | $ | 69,402 | $ | 47,524 | ||||||||
Per share data: | ||||||||||||||||
Basic: | ||||||||||||||||
Net income per common share | $ | 7.12 | $ | 4.68 | $ | 10.22 | $ | 7.05 | ||||||||
Weighted-average number of common shares outstanding | 6,457 | 6,166 | 6,477 | 6,176 | ||||||||||||
Assuming dilution: | ||||||||||||||||
Net income per common share | $ | 6.66 | $ | 4.47 | $ | 9.57 | $ | 6.74 | ||||||||
Weighted-average number of common shares outstanding | 6,902 | 6,462 | 6,920 | 6,463 |
HOVNANIAN ENTERPRISES, INC. | ||||||||||||||||
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE) | ||||||||||||||||
(SEGMENT DATA EXCLUDES UNCONSOLIDATED JOINT VENTURES) | ||||||||||||||||
Contracts (1) | Deliveries | Contract | ||||||||||||||
Three Months Ended | Three Months Ended | Backlog | ||||||||||||||
April 30, | April 30, | April 30, | ||||||||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||
Northeast (2) (3) | ||||||||||||||||
(DE, MD, NJ, OH, PA, VA, WV) | Home | 549 | 413 | 32.9% | 331 | 358 | (7.5)% | 800 | 875 | (8.6)% | ||||||
Dollars | $ | 326,975 | $ | 260,320 | 25.6% | $ | 197,708 | $ | 211,535 | (6.5)% | $ | 538,053 | $ | 513,574 | 4.8% | |
Avg. Price | $ | 595,583 | $ | 630,315 | (5.5)% | $ | 597,305 | $ | 590,880 | 1.1% | $ | 672,566 | $ | 586,942 | 14.6% | |
Southeast (3) | ||||||||||||||||
(FL, GA, SC) | Home | 164 | 275 | (40.4)% | 246 | 174 | 41.4% | 435 | 626 | (30.5)% | ||||||
Dollars | $ | 74,061 | $ | 132,954 | (44.3)% | $ | 128,369 | $ | 100,905 | 27.2% | $ | 202,343 | $ | 351,392 | (42.4)% | |
Avg. Price | $ | 451,591 | $ | 483,469 | (6.6)% | $ | 521,825 | $ | 579,914 | (10.0)% | $ | 465,156 | $ | 561,329 | (17.1)% | |
West | ||||||||||||||||
(AZ, CA, TX) | Home | 799 | 789 | 1.3% | 706 | 693 | 1.9% | 783 | 817 | (4.2)% | ||||||
Dollars | $ | 384,774 | $ | 392,418 | (1.9)% | $ | 360,852 | $ | 358,268 | 0.7% | $ | 389,094 | $ | 459,819 | (15.4)% | |
Avg. Price | $ | 481,569 | $ | 497,361 | (3.2)% | $ | 511,122 | $ | 516,981 | (1.1)% | $ | 496,927 | $ | 562,814 | (11.7)% | |
Consolidated Total | ||||||||||||||||
Home | 1,512 | 1,477 | 2.4% | 1,283 | 1,225 | 4.7% | 2,018 | 2,318 | (12.9)% | |||||||
Dollars | $ | 785,810 | $ | 785,692 | 0.0% | $ | 686,929 | $ | 670,708 | 2.4% | $ | 1,129,490 | $ | 1,324,785 | (14.7)% | |
Avg. Price | $ | 519,716 | $ | 531,951 | (2.3)% | $ | 535,408 | $ | 547,517 | (2.2)% | $ | 559,708 | $ | 571,521 | (2.1)% | |
Unconsolidated Joint Ventures (2) (3) (4) | ||||||||||||||||
(excluding KSA JV) | Home | 249 | 137 | 81.8% | 177 | 121 | 46.3% | 528 | 295 | 79.0% | ||||||
Dollars | $ | 175,388 | $ | 91,063 | 92.6% | $ | 119,011 | $ | 80,677 | 47.5% | $ | 375,907 | $ | 213,533 | 76.0% | |
Avg. Price | $ | 704,369 | $ | 664,693 | 6.0% | $ | 672,379 | $ | 666,752 | 0.8% | $ | 711,945 | $ | 723,841 | (1.6)% | |
Grand Total | ||||||||||||||||
Home | 1,761 | 1,614 | 9.1% | 1,460 | 1,346 | 8.5% | 2,546 | 2,613 | (2.6)% | |||||||
Dollars | $ | 961,198 | 876,755 | 9.6% | $ | 805,940 | $ | 751,385 | 7.3% | $ | 1,505,397 | $ | 1,538,318 | (2.1)% | ||
Avg. Price | $ | 545,825 | 543,219 | 0.5% | $ | 552,014 | $ | 558,236 | (1.1)% | $ | 591,279 | $ | 588,717 | 0.4% | ||
KSA JV Only | ||||||||||||||||
Home | 30 | 1 | 2,900.0% | 5 | 0 | 0.0% | 105 | 2,223 | (95.3)% | |||||||
Dollars | $ | 7,133 | 157 | 4,443.3% | $ | 1,238 | $ | 0 | 0.0% | $ | 19,853 | $ | 348,976 | (94.3)% | ||
Avg. Price | $ | 237,767 | 157,000 | 51.4% | $ | 247,600 | $ | 0 | 0.0% | $ | 189,076 | $ | 156,984 | 20.4% | ||
DELIVERIES INCLUDE EXTRAS | ||||||||||||||||
Notes: | ||||||||||||||||
(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.(2) Reflects the reclassification of 38 homes and $32.3 million of contract backlog as of April 30, 2023 from the unconsolidated joint ventures to the consolidated Northeast segment. This is related to the assets and liabilities acquired from a joint venture the company closed out during the three months ended April 30, 2023.(3) Reflects the reclassification of 86 homes and $70.1 million and 13 homes and $10.6 million of contract backlog as of April 30, 2024 from the consolidated Northeast and Southeast segments, respectively, to unconsolidated joint ventures. This is related to the assets and liabilities contributed to a joint venture the company entered into during the three months ended April 30, 2024.(4) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “Income from unconsolidated joint ventures”. |
HOVNANIAN ENTERPRISES, INC. | ||||||||||||||||
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE) | ||||||||||||||||
(SEGMENT DATA EXCLUDES UNCONSOLIDATED JOINT VENTURES) | ||||||||||||||||
Contracts (1) | Deliveries | Contract | ||||||||||||||
Six Months Ended | Six Months Ending | Backlog | ||||||||||||||
April 30, | April 30, | April 30, | ||||||||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||
Northeast (2) (3) | ||||||||||||||||
(DE, MD, NJ, OH, PA, VA, WV) | Home | 932 | 724 | 28.7% | 663 | 729 | (9.1)% | 800 | 875 | (8.6)% | ||||||
Dollars | $ | 575,728 | $ | 446,170 | 29.0% | $ | 387,697 | $ | 422,409 | (8.2)% | $ | 538,053 | $ | 513,574 | 4.8% | |
Avg. Price | $ | 617,734 | $ | 616,257 | 0.2% | $ | 584,762 | $ | 579,436 | 0.9% | $ | 672,566 | $ | 586,942 | 14.6% | |
Southeast (3) | ||||||||||||||||
(FL, GA, SC) | Home | 274 | 439 | (37.6)% | 441 | 315 | 40.0% | 435 | 626 | (30.5)% | ||||||
Dollars | $ | 142,732 | $ | 215,145 | (33.7)% | $ | 233,997 | $ | 174,641 | 34.0% | $ | 202,343 | $ | 351,392 | (42.4)% | |
Avg. Price | $ | 520,920 | $ | 490,080 | 6.3% | $ | 530,605 | $ | 554,416 | (4.3)% | $ | 465,156 | $ | 561,329 | (17.1)% | |
West | ||||||||||||||||
(AZ, CA, TX) | Home | 1,433 | 1,102 | 30.0% | 1,242 | 1,119 | 11.0% | 783 | 817 | (4.2)% | ||||||
Dollars | $ | 691,702 | $ | 539,505 | 28.2% | $ | 638,871 | $ | 573,303 | 11.4% | $ | 389,094 | $ | 459,819 | (15.4)% | |
Avg. Price | $ | 482,695 | $ | 489,569 | (1.4)% | $ | 514,389 | $ | 512,335 | 0.4% | $ | 496,927 | $ | 562,814 | (11.7)% | |
Consolidated Total | ||||||||||||||||
Home | 2,639 | 2,265 | 16.5% | 2,346 | 2,163 | 8.5% | 2,018 | 2,318 | (12.9)% | |||||||
Dollars | $ | 1,410,162 | $ | 1,200,820 | 17.4% | $ | 1,260,565 | $ | 1,170,353 | 7.7% | $ | 1,129,490 | $ | 1,324,785 | (14.7)% | |
Avg. Price | $ | 534,355 | $ | 530,163 | 0.8% | $ | 537,325 | $ | 541,079 | (0.7)% | $ | 559,708 | $ | 571,521 | (2.1)% | |
Unconsolidated Joint Ventures (2) (3) (4) | ||||||||||||||||
(excluding KSA JV) | Home | 401 | 242 | 65.7% | 344 | 228 | 50.9% | 528 | 295 | 79.0% | ||||||
Dollars | $ | 275,493 | $ | 162,744 | 69.3% | $ | 235,946 | $ | 159,347 | 48.1% | $ | 375,907 | $ | 213,533 | 76.0% | |
Avg. Price | $ | 687,015 | $ | 672,496 | 2.2% | $ | 685,890 | $ | 698,890 | (1.9)% | $ | 711,945 | $ | 723,841 | (1.6)% | |
Grand Total | ||||||||||||||||
Home | 3,040 | 2,507 | 21.3% | 2,690 | 2,391 | 12.5% | 2,546 | 2,613 | (2.6)% | |||||||
Dollars | $ | 1,685,655 | $ | 1,363,564 | 23.6% | $ | 1,496,511 | $ | 1,329,700 | 12.5% | $ | 1,505,397 | $ | 1,538,318 | (2.1)% | |
Avg. Price | $ | 554,492 | $ | 543,903 | 1.9% | $ | 556,324 | $ | 556,127 | 0.0% | $ | 591,279 | $ | 588,717 | 0.4% | |
KSA JV Only | ||||||||||||||||
Home | 99 | 10 | 890.0% | 44 | 0 | 0.0% | 105 | 2,223 | (95.3)% | |||||||
Dollars | $ | 21,241 | $ | 1,555 | 1,266.0% | $ | 9,512 | $ | 0 | 0.0% | $ | 19,853 | $ | 348,976 | (94.3)% | |
Avg. Price | $ | 214,556 | $ | 155,500 | 38.0% | $ | 216,182 | $ | 0 | 0.0% | $ | 189,076 | $ | 156,984 | 20.4% | |
DELIVERIES INCLUDE EXTRAS | ||||||||||||||||
Notes: | ||||||||||||||||
(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.(2) Reflects the reclassification of 8 homes and $6.6 million of contract backlog as of April 30, 2023 from the consolidated Northeast segment to unconsolidated joint ventures. This is related to the assets and liabilities contributed to a joint venture the company entered into during the three months ended January 31, 2023. Also reflects the reclassification of 38 homes and $32.3 million of contract backlog as of April 30, 2023 from the unconsolidated joint ventures to the consolidated Northeast segment. This is related to the assets and liabilities acquired from a joint venture the company closed out during the three months ended April 30, 2023.(3) Reflects the reclassification of 86 homes and $70.1 million and 13 homes and $10.6 million of contract backlog as of April 30, 2024 from the consolidated Northeast and Southeast segments, respectively, to unconsolidated joint ventures. This is related to the assets and liabilities contributed to a joint venture the company entered into during the three months ended April 30, 2024.(4) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “Income from unconsolidated joint ventures”. |
HOVNANIAN ENTERPRISES, INC. | ||||||||||||||||
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE) | ||||||||||||||||
(SEGMENT DATA UNCONSOLIDATED JOINT VENTURES ONLY) | ||||||||||||||||
Contracts (1) | Deliveries | Contract | ||||||||||||||
Three Months Ended | Three Months Ended | Backlog | ||||||||||||||
April 30, | April 30, | April 30, | ||||||||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||
Northeast (2) (3) | ||||||||||||||||
(Unconsolidated Joint Ventures) | Home | 156 | 49 | 218.4% | 90 | 61 | 47.5% | 292 | 115 | 153.9% | ||||||
(Excluding KSA JV) | Dollars | $ | 123,347 | $ | 35,988 | 242.7% | $ | 65,531 | $ | 41,573 | 57.6% | $ | 238,635 | $ | 82,935 | 187.7% |
(DE, MD, NJ, OH, PA, VA, WV) | Avg. Price | $ | 790,686 | $ | 734,449 | 7.7% | $ | 728,122 | $ | 681,525 | 6.8% | $ | 817,243 | $ | 721,174 | 13.3% |
Southeast (3) | ||||||||||||||||
(Unconsolidated Joint Ventures) | Home | 60 | 73 | (17.8)% | 69 | 49 | 40.8% | 195 | 161 | 21.1% | ||||||
(FL, GA, SC) | Dollars | $ | 35,503 | $ | 46,755 | (24.1)% | $ | 44,243 | $ | 33,050 | 33.9% | $ | 117,650 | $ | 119,901 | (1.9)% |
Avg. Price | $ | 591,717 | $ | 640,479 | (7.6)% | $ | 641,203 | $ | 674,490 | (4.9)% | $ | 603,333 | $ | 744,727 | (19.0)% | |
West | ||||||||||||||||
(Unconsolidated Joint Ventures) | Home | 33 | 15 | 120.0% | 18 | 11 | 63.6% | 41 | 19 | 115.8% | ||||||
(AZ, CA, TX) | Dollars | $ | 16,538 | $ | 8,320 | 98.8% | $ | 9,237 | $ | 6,054 | 52.6% | $ | 19,622 | $ | 10,697 | 83.4% |
Avg. Price | $ | 501,152 | $ | 554,667 | (9.6)% | $ | 513,167 | $ | 550,364 | (6.8)% | $ | 478,585 | $ | 563,000 | (15.0)% | |
Unconsolidated Joint Ventures (2) (3) (4) | ||||||||||||||||
(Excluding KSA JV) | Home | 249 | 137 | 81.8% | 177 | 121 | 46.3% | 528 | 295 | 79.0% | ||||||
Dollars | $ | 175,388 | $ | 91,063 | 92.6% | $ | 119,011 | $ | 80,677 | 47.5% | $ | 375,907 | $ | 213,533 | 76.0% | |
Avg. Price | $ | 704,369 | $ | 664,693 | 6.0% | $ | 672,379 | $ | 666,752 | 0.8% | $ | 711,945 | $ | 723,841 | (1.6)% | |
KSA JV Only | ||||||||||||||||
Home | 30 | 1 | 2,900.0% | 5 | 0 | 0.0% | 105 | 2,223 | (95.3)% | |||||||
Dollars | $ | 7,133 | $ | 157 | 4,443.3% | $ | 1,238 | $ | 0 | 0.0% | $ | 19,853 | $ | 348,976 | (94.3)% | |
Avg. Price | $ | 237,767 | $ | 157,000 | 51.4% | $ | 247,600 | $ | 0 | 0.0% | $ | 189,076 | $ | 156,984 | 20.4% | |
DELIVERIES INCLUDE EXTRAS | ||||||||||||||||
Notes: | ||||||||||||||||
(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.(2) Reflects the reclassification of 38 homes and $32.3 million of contract backlog as of April 30, 2023 from the unconsolidated joint ventures to the consolidated Northeast segment. This is related to the assets and liabilities acquired from a joint venture the company closed out during the three months ended April 30, 2023.(3) Reflects the reclassification of 86 homes and $70.1 million and 13 homes and $10.6 million of contract backlog as of April 30, 2024 from the consolidated Northeast and Southeast segments, respectively, to unconsolidated joint ventures. This is related to the assets and liabilities contributed to a joint venture the company entered into during the three months ended April 30, 2024.(4) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “Income from unconsolidated joint ventures”. |
HOVNANIAN ENTERPRISES, INC. | ||||||||||||||||
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE) | ||||||||||||||||
(SEGMENT DATA UNCONSOLIDATED JOINT VENTURES ONLY) | ||||||||||||||||
Contracts (1) | Deliveries | Contract | ||||||||||||||
Six Months Ended | Six Months Ended | Backlog | ||||||||||||||
April 30, | April 30, | April 30, | ||||||||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||
Northeast (2) (3) | ||||||||||||||||
(Unconsolidated Joint Ventures) | Home | 227 | 99 | 129.3% | 181 | 126 | 43.7% | 292 | 115 | 153.9% | ||||||
(Excluding KSA JV) | Dollars | $ | 180,703 | $ | 75,921 | 138.0% | $ | 133,707 | $ | 92,349 | 44.8% | $ | 238,635 | $ | 82,935 | 187.7% |
(DE, MD, NJ, OH, PA, VA, WV) | Avg. Price | $ | 796,048 | $ | 766,879 | 3.8% | $ | 738,713 | $ | 732,929 | 0.8% | $ | 817,243 | $ | 721,174 | 13.3% |
Southeast (3) | ||||||||||||||||
(Unconsolidated Joint Ventures) | Home | 115 | 112 | 2.7% | 119 | 80 | 48.8% | 195 | 161 | 21.1% | ||||||
(FL, GA, SC) | Dollars | $ | 66,671 | $ | 69,720 | (4.4)% | $ | 79,521 | $ | 55,247 | 43.9% | $ | 117,650 | $ | 119,901 | (1.9)% |
Avg. Price | $ | 579,748 | $ | 622,500 | (6.9)% | $ | 668,244 | $ | 690,588 | (3.2)% | $ | 603,333 | $ | 744,727 | (19.0)% | |
West | ||||||||||||||||
(Unconsolidated Joint Ventures) | Home | 59 | 31 | 90.3% | 44 | 22 | 100.0% | 41 | 19 | 115.8% | ||||||
(AZ, CA, TX) | Dollars | $ | 28,119 | $ | 17,103 | 64.4% | $ | 22,718 | $ | 11,751 | 93.3% | $ | 19,622 | $ | 10,697 | 83.4% |
Avg. Price | $ | 476,593 | $ | 551,710 | (13.6)% | $ | 516,318 | $ | 534,136 | (3.3)% | $ | 478,585 | $ | 563,000 | (15.0)% | |
Unconsolidated Joint Ventures (2) (3) (4) | ||||||||||||||||
(Excluding KSA JV) | Home | 401 | 242 | 65.7% | 344 | 228 | 50.9% | 528 | 295 | 79.0% | ||||||
Dollars | $ | 275,493 | $ | 162,744 | 69.3% | $ | 235,946 | $ | 159,347 | 48.1% | $ | 375,907 | $ | 213,533 | 76.0% | |
Avg. Price | $ | 687,015 | $ | 672,496 | 2.2% | $ | 685,890 | $ | 698,890 | (1.9)% | $ | 711,945 | $ | 723,841 | (1.6)% | |
KSA JV Only | ||||||||||||||||
Home | 99 | 10 | 890.0% | 44 | 0 | 0.0% | 105 | 2,223 | (95.3)% | |||||||
Dollars | $ | 21,241 | $ | 1,555 | 1,266.0% | $ | 9,512 | $ | 0 | 0.0% | $ | 19,853 | $ | 348,976 | (94.3)% | |
Avg. Price | $ | 214,556 | $ | 155,500 | 38.0% | $ | 216,182 | $ | 0 | 0.0% | $ | 189,076 | $ | 156,984 | 20.4% | |
DELIVERIES INCLUDE EXTRAS | ||||||||||||||||
Notes: | ||||||||||||||||
(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.(2) Reflects the reclassification of 8 homes and $6.6 million of contract backlog as of April 30, 2023 from the consolidated Northeast segment to unconsolidated joint ventures. This is related to the assets and liabilities contributed to a joint venture the company entered into during the three months ended January 31, 2023. Also reflects the reclassification of 38 homes and $32.3 million of contract backlog as of April 30, 2023 from the unconsolidated joint ventures to the consolidated Northeast segment. This is related to the assets and liabilities acquired from a joint venture the company closed out during the three months ended April 30, 2023.(3) Reflects the reclassification of 86 homes and $70.1 million and 13 homes and $10.6 million of contract backlog as of April 30, 2024 from the consolidated Northeast and Southeast segments, respectively, to unconsolidated joint ventures. This is related to the assets and liabilities contributed to a joint venture the company entered into during the three months ended April 30, 2024.(4) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “Income from unconsolidated joint ventures”. |
Contact: | Brad G. O’Connor | Jeffrey T. O’Keefe |
Chief Financial Officer & Treasurer | Vice President, Investor Relations | |
732-747-7800 | 732-747-7800 | |
1 Year Hovnanian Enterprises Chart |
1 Month Hovnanian Enterprises Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions