Hovnanian Q1 Loss Widens - Quick Facts

(RTTNews) - Home builder Hovnanian Enterprises Inc. (HOV) said that net loss for the first quarter ended January 31, 2014 widened to $24.5 million or $0.17 per share, from $11.3 million, or $0.08 per share last year. The prior year quarter results included a $9.7 million federal tax benefit. Analysts polled by Thomson Reuters expected the company to report a loss of $0.05 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues were $364.0 million for the fiscal 2014 first quarter, an increase of 1.6% compared with $358.2 million during the first quarter of fiscal 2013. Eleven analysts estimated revenues of $401.52 million for the quarter.

Deliveries, including unconsolidated joint ventures, were 1,138 homes during the fiscal 2014 first quarter, a 4.2% decrease compared with 1,188 homes in last year's first quarter.