Hovnanian Q1 loss reaches $131M
Hovnanian Enterprises Inc. reported a loss of $130.9 million on Monday after markets closed, which includes land-related charges.
The just-completed quarterly loss was more than double the $57.4 million loss a year ago.
The company delivered 3,604 homes in the first quarter that ended Jan. 31, an increase from the 3,266 homes delivered in the previous quarter. But the homes sold for less, with revenue falling from $1.14 billion to $1.05 billion.
"Market conditions remain challenging across many of our markets," said Ara K. Hovnanian, president and chief executive officer of Hovnanian Enterprises in Red Bank, N.J quick payday. "We continue to focus on reducing our inventories, maximizing cash flow and shrinking our overhead to ensure that we properly manage the difficult market conditions we currently face."
Hovnanian (NYSE: HOV) builds in Sacramento under the name K. Hovnanian Homes, and was ranked seven in the Greater Sacramento market last year, based on new-home sales, according to Hanley Wood Market Intelligence.