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Hovnanian Narrows Loss in Q3

By Market News Video Staff, Thursday, September 8, 10:29 AM ET
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Homebuilder Hovnanian (HOV) posted a narrower third quarter loss after the close of trading yesterday. The company said it lost $50.9 million, or $0.47 per share, compared to a loss of $72.9 million, or $0.92 per share, in last yearís third quarter. The loss was narrower than analysts expected as well, although Hovnanianís revenue fell short of analyst estimates, declining to $285.6 million from $380.6 million.

Hovnanian said net contracts rose 33% in the third quarter, and the contract cancellation rate fell to 18%, compared to 23% last year. The company delivered 1,112 homes in the third quarter, compared to 1,396 in last yearís third quarter. CEO Ara Hovnanian noted that the company sees very few indicators that any recovery in the housing market has begun, so the company is taking steps to run based on current market conditions, with a focus on maintaining liquidity.

Hovnanian shares are trading flat today, while the sector trades lower.Toll Brothers (TOL) is lower by 2.2%, PulteGroup (PHM) is down 2.9%, DR Horton (DHI) fell 1.5% and Lennar (LEN) lost 1.3%.

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