Hovnanian Enterprises Q3 Profit Rises - Quick Facts

(RTTNews) - Home builder Hovnanian Enterprises Inc. (HOV) reported that its net income for the fiscal 2014 third quarter increased to $17.1 million or $0.11 per share, from $8.5 million or $0.06 per share in the prior year's third quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.09 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues were $551.0 million, an increase of 15.2% compared with $478.4 million last year. Wall Street analysts had a consensus revenue estimate of $559.47 million for the quarter.

Deliveries, including unconsolidated joint ventures, were 1,549 homes for the third quarter ended July 31, 2014, a 3.1% increase compared with 1,502 homes in the fiscal 2013 third quarter.

"Assuming no change in current market conditions, we expect to be profitable for the full fiscal 2014 year. We believe the housing industry remains in the early stages of a recovery. We anticipate generating revenue growth from continued investments in new communities. This will allow us to leverage our SG&A and interest costs, which we expect will result in higher levels of profitability in future years," said Ara Hovnanian, Chairman of the Board, President and Chief Executive Officer.