File photo of the company’s headquarters overlooking the Navesink River. (Click to enlarge)
Homebuilder Hovnanian Enterprises slashed its net loss in its latest fiscal quarter, but still produced more red ink than Wall Street analysts were expecting, according to Bloomberg.
The Red Bank-based company racked up $72.9 million in losses in the period that ended July 31, largely owing to the expiration of a federal tax credit for homebuyers.
A year earlier, Hovnanian reported a net loss of $168.9 million.
Still, the halving of the loss, to 92 cents per share, wasn’t what company trackers were expecting.
Bloomberg reports that average estimate of seven analysts it surveyed was for a loss of 50 cents a share.
