Red Bank-based homebuilder Hovnanian Enterprises reported strong growth in revenue and earnings Thursday.
Revenue rose 21.5 percent in the fourth quarter, to $591.7 million, driving net income for the period to $32.8 million, after a loss of $84.4 million i the year-prior period. At 59 cents per share, the earnings “handily beat analysts’ expectations” of 17 cents per share, the Motley Fool reported.
For the fiscal year ended October 31, Hovnanian posted revenue of $1.85 billion, 24.2 percent from the prior year, and net income of $31.3 million, after a $66.2 million loss a year ago.
In a prepared statement, company chairman and CEO Ara Hovnanian said that sales slowed from July through September due to adverse impacts of higher mortgage ratesand the government shutdown, but that sales bounced back to prior-year levels in October, and exceeded last year’s levels in November.