Hovnanian Enterprises Inc. (NYSE:HOV) reports 2Q18 Loss Widen ; Misses Street View

Hovnanian Enterprises

Hovnanian Enterprises Inc. (NYSE:HOV) revealed net loss for the second quarter of $ 9.82 million or 7 cents per share, compared to loss of $ 6.68 million or 5 cents per share, in the year-ago period.

Headquartered in Red Bank, New Jersey, the company disclosed, total revenue that reached $ 502.54 million, decreased 14% from $ 585.93 million a year ago.

The consensus estimates from Thomson Reuters are loss of $ 0.05 per share from $ 511.10 million in revenue.

Ara K. Hovnanian, Chairman, President and CEO, commented, As expected, our operating results for the second quarter of fiscal 2018 improved sequentially. Additionally, our gross margin percentage and contracts per community, including unconsolidated joint ventures, continued to exhibit signs of strength, which was evident in year-over-year improvements for both metrics.

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