Hovnanian Enterprises, Inc. Reports Earnings Results for the First Quarter Ended January 31, 2024
February 22, 2024 at 09:15 am EST
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Hovnanian Enterprises, Inc. reported earnings results for the first quarter ended January 31, 2024. For the first quarter, the company reported revenue was USD 594.2 million compared to USD 515.37 million a year ago. Net income was USD 23.9 million compared to USD 18.72 million a year ago.
Basic earnings per share from continuing operations was USD 3.11 compared to USD 2.37 a year ago. Diluted earnings per share from continuing operations was USD 2.91 compared to USD 2.26 a year ago.
Hovnanian Enterprises, Inc., through its subsidiaries, conducts all of its homebuilding and financial services operations. Its segment includes Homebuilding and Financial services. The Homebuilding segment consists of three segments: Northeast (Delaware, Illinois, Maryland, New Jersey, Ohio, Pennsylvania, Virginia and West Virginia); Southeast (Florida, Georgia and South Carolina), and West (Arizona, California and Texas). The Homebuilding segments are engaged in the sale and construction of single-family attached and detached homes, attached town homes and condominiums, urban infill and active lifestyle homes in planned residential developments. It also includes sales of land. The Financial services segment provides mortgage banking and title services to homebuilding operations customers. Its residential development activities include site planning and engineering, obtaining environmental and other regulatory approvals and constructing roads, drainage facilities and others.