LONDON, September 8, 2014 /PRNewswire/ --
Investor-Edge.com has issued free post-earnings coverage on Hovnanian Enterprises Inc. (NYSE: HOV). The company featured in the headlines on Thursday, September 04, 2014 after reporting financial results for Q3 FY14, period ended July 31, 2014. During Q3 FY14, Hovnanian Enterprises Inc.'s net revenue grew 15.2% Y-o-Y, and its basic and diluted EPS, both increased $0.05 from the previous year quarter. Our free coverage report can be accessed at:
www.investor-edge.com/register
Earnings Overview
During Q3 FY14, Hovnanian Enterprises Inc. reported net revenue of $551.01 million, compared to $478.36 million in the same period last year. Analysts at Bloomberg anticipated net revenue of $558.78 million for the reported quarter. The company's Homebuilding gross margin, (before interest expense and land charges included in cost of sales) improved to 21.3% in Q3 FY14, from 20.3% in the previous year quarter. Adjusted EBITDA also increased to $53.77 million in Q3 FY14 from $48.56 million during the same quarter last year. Hovnanian Enterprises Inc.'s pre-tax income during the reported quarter grew from $10.39 million, in Q3 FY13 to $15.37 million in the reported quarter. Further, the company's net income surged to $17.11 million, or $0.11 per common share, in Q3 FY14, from $8.47 million, or $0.06 per common share, in the year ago comparable quarter. Analysts from Bloomberg were expecting net income of $13.87 million, or $0.09 per common share. The free research on HOV can be downloaded as in PDF format at:
www.Investor-Edge.com/HOVFreeReport
For the third quarter ended July 31, 2014, Hovnanian Enterprises Inc.'s deliveries, including unconsolidated joint ventures, increased 3.1% YoY to 1,549 homes. As of July 31, 2014, the company's consolidated active selling communities increased to 196 communities from 186 communities on July 31, 2013. Further, during Q3 FY14, the dollar value of consolidated net contracts increased to $517.35 million, up 4.6% from $494.59 million in Q3 FY13. However, the number of consolidated net contracts in Q3 FY14 declined 6.3% YoY to 1,357 homes. The dollar value of consolidated contract backlog, as of July 31, 2014 stood at $1.03 billion, up from $897.19 million, in the same period last year. Also, the number of homes in consolidated contract backlog grew to 2,690 homes as of July 31, 2014, up 4.7% from 2,569 homes, as of July 31, 2013. Further, Hovnanian Enterprises Inc.'s total liquidity stood at $231.7 million as of July 31, 2014, compared to $278.9 million, on July 31, 2013. Sign up and read the free analyst's notes on HOV at:
www.Investor-Edge.com/HOV-08092014
The Chairman, President and CEO of Hovnanian Enterprises Inc., Ara K. Hovnanian, said that the management was pleased with the company's robust gross margins and strong revenue growth during the third quarter. Mr. Hovnanian believes that the housing industry is in initial stages of a recovery, and said that the company is expected to be profitable for full FY14, assuming no changes in the current market conditions. He further stated that revenue growth is anticipated to result from continued investments in new communities, which will enable Hovnanian to leverage its SG&A and interest costs, leading to probable higher levels of profitability in future years.
Stock Performance
On the day of the earnings release, September 04, 2014, shares in Hovnanian Enterprises Inc. advanced 1.19% to close the session at $4.25. The stock extended its gains, and finished 0.71% higher at $4.28 on the last close, Friday, September 05, 2014. The stock vacillated between $4.25 and $4.32 during the trading session. A total of 2.90 million shares were traded, which was slightly above its three months average volume of 2.74 million shares. Over the previous three trading sessions and from the beginning of 2014, the company's shares have declined 0.47% and 35.35%, respectively. However, the stock has gained 11.46% over the last one month. Shares in Hovnanian Enterprises Inc. are trading below their 50-day and 200-day moving averages of $4.36 and $4.97, respectively. Further, the stock traded at a PE ratio of 36.94 and has a Relative Strength Index (RSI) of 53.96. Visit Investor-Edge and access the latest research on HOV at:
www.Investor-Edge.com/HOVEarningsCoverage
Sneak Peek to Corporate Insider Trading
In the last one month, Hovnanian Enterprises Inc. has not reported any share transactions by insiders to the U.S. Securities and Exchange Commission (SEC). Complimentary in-depth research on HOV is available at:
www.Investor-Edge.com/HOVInsiderTrading
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