Hovnanian Enterprises Inc. Profit Retreats 47% In Q4

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

The company said its profit declined to $11.84 million, or $0.08 per share. This was lower than $22.29 million, or $0.14 per share, in last year's fourth quarter.

Analysts had expected the company to earn $0.02 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 10.4% to $721.69 million. This was down from $805.07 million last year.

Hovnanian Enterprises Inc. earnings at a glance:

-Earnings (Q4): $11.84 Mln. vs. $22.29 Mln. last year. -Earnings Decline (Y-o-Y): -46.9% -EPS (Q4): $0.08 vs. $0.14 last year. -EPS Decline (Y-o-Y): -42.9% -Analysts Estimate: $0.02 -Revenue (Q4): $721.69 Mln vs. $805.07 Mln last year. -Revenue Change (Y-o-Y): -10.4%