Hovnanian Enterprise’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)
Hovnanian Enterprises delivered fewer homes and a net loss in its latest fiscal quarter, the Red Bank-based homebuilder reported Wednesday.
The second quarter saw a net loss of $7.9 million in the three months ended April 30, compared with net income of $1.3 million in the prior-year second quarter, which included $2.6 million of federal and state tax benefits.
So far this year, the company has posted net losses totalling $32.4 million, compared with a net loss of $10 million in the first six months of last year.
Hovnanian said in its announcement that deliveries of new homes were down 6.5 percent, to 1,331 homes in the latest quarter, but that revenue rose 6.4 percent, to $449.9 million, up 6.4 percent.
Wall Street analysts had a consensus revenue estimate of $476.72 million for the quarter, according to RTT News.
