Hovnanian Enterprises Inc. Profit Drops 32% In Q4

(RTTNews) - Hovnanian Enterprises Inc. (HOV) revealed earnings for fourth quarter that decreased compared to the same period last year.

The company said its profit declined to $25.52 million, or $0.16 per share. This was lower than $37.33 million, or $0.23 per share, in last year's fourth quarter.

Analysts had expected the company to earn $0.09 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 0.7% to $693.20 million. This was down from $698.39 million last year.

Hovnanian Enterprises Inc. earnings at a glance:

-Earnings (Q4): $25.52 Mln. vs. $37.33 Mln. last year. -Earnings Decline (Y-o-Y): -31.6% -EPS (Q4): $0.16 vs. $0.23 last year. -EPS Decline (Y-o-Y): -30.4% -Analysts Estimate: $0.09 -Revenue (Q4): $693.20 Mln vs. $698.39 Mln last year. -Revenue Change (Y-o-Y): -0.7%

-Guidance: Full year revenue guidance: $2.7 - $3.1 Bln