Hovnanian’s headquarters, on Maple Avenue in Red Bank. (File photo. Click to enlarge)
After going one-for-22, Red Bank-based national homebuilder Hovnanian Enterprises racked up a second consecutive net gain in its most recent fiscal quarter, the company announced Thursday.
In posting a profit of $34.7 million in the quarter ended July 31, compared with a prior-year loss of $50.9 million, Hovnanian “recorded double-digit revenue growth and a jump in contracts, the latest sign of improvement in the housing market,” the Wall Street Journal reports.
Hovnanian’s Red Bank HQ, as seen from the foot of Maple Avenue.
Hovnanian Enterprise reported a $72.7 million loss as revenue fell in latest fiscal quarter. The deficit was worse than Wall Street analysts had anticipated, according to a Bloomberg News report in the New York Times.
The Red Bank-headquartered national homebuilding company reported that revenue fell 20 percent, to $255.1 million, from $318.6 million a year earlier, in the quarter ended April 30. Net orders dropped 17 percent.