Hovnanian Enterprise’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)
Red Bank-based homebuilder Hovnanian Enterprises posted a net loss of $7.7 million in its third fiscal quarter, the company reported Wednesday.
In the current fiscal year, which began November 1, the company has posted net losses of $41.6 million, compared to a loss of $15.3 million in the first nine months of fiscal 2014, Hov reported.
As he did after the second-quarter results were released in June, president and CEO Ara Hovnanian said in a statement that the company was “disappointed” with the results. But better days lie ahead, he said.
“We are on track for solid profitability during the fourth quarter of fiscal 2015 and are well positioned for a breakout year from the perspective of deliveries and revenues which should lead to profitability in fiscal 2016,” Hovnanian said in the statement.
Hovnanian stock rose 11 cents per share, to $2.07, in New York Stock Exchange trading Wednesday.
