Hovnanian Enterprises Net Profit Rises 48.9%

(RTTNews) - Homebuilder Hovnanian Enterprises Inc. (HOV) reported Wednesday that net income for the second quarter increased 48.9 percent to $50.8 million or $6.66 per share from $34.1 million or $4.47 per share in the prior-year quarter.

Total revenues for the quarter edged up to $708.4 million from $703.7 million in the same quarter last year.

Looking ahead to the third quarter, the company expects adjusted pretax income between $65 million and $75 million and adjusted EBITDA between $97 million and $107 million on total revenues between $675 million and $775 million.

For fiscal 2024, the company now projects total revenues between $2.75 billion and $3.00 billion.

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