UPDATE: Hovnanian FQ3 Profit Drops 76%

Hovnanian Enterprises (NYSE: HOV ) reported a 76% drop in its fiscal third-quarter earnings. Hovnanian's quarterly profit fell to $8.5 million, or $0.06 per share, from $34.7 million, or $0.25 per share, in the year-ago period. Its revenue rose 24% to $478.4 million. However, analysts were estimating earnings of $0.07