Hovnanian Enterprises Revenue Rises 16%, Stock Up

(RTTNews) - Shares of Hovnanian Enterprises Inc. (HOV), are on the run, after the homebuilder reported a 16% revenue growth and a 16.7% increase in consolidated deliveries for the fourth quarter of fiscal 2019. However, the Company incurred a loss in the fiscal fourth quarter compared to a profit in the year-ago quarter.

Net loss for the fiscal fourth quarter ended October 31, 2019, was $1.8 million or $0.30 per share compared with net income of $46.2 million or $7.75 per common share, during the same quarter a year ago.

Total revenues increased 16.1% to $713.6 million in the fourth quarter of fiscal 2019, compared with $614.8 million in the fourth quarter of fiscal 2018.

Consolidated deliveries were 1,709 homes for the fourth quarter of fiscal 2019, a 16.7% increase compared with 1,465 homes during the same quarter a year ago.

At the end of the fourth quarter of fiscal 2019, total liquidity was $275.9 million, which is above the $245 million upper end of the Company's target range.

The Company noted that it has successfully exchanged or refinanced over $800 million of debt. All maturities have been eliminated until 2022 and over 50% of the debt maturing in 2022 and 2024 has been pushed out.

In Thursday's trading, HOV is currently up 14.03% at $24.46.