Hovnanian beats by $0.06, misses on revs; reaffirms FY16 guidance :
- Reports Q4 (Oct) earnings of $0.16 per share, $0.06 better than the Capital IQ Consensus of $0.10; revenues fell 0.7% year/year to $693.2 mln vs the $738 mln Capital IQ Consensus; deliveries -2%.
- The number of net contracts, including unconsolidated joint ventures, increased 20.7% to 1,629 homes (+29% to $684 mln) for the fourth quarter of fiscal 2015 from 1,350 homes during the fourth quarter of fiscal 2014. The number of consolidated net contracts increased 18.0% to 1,535 homes compared with 1,301 homes in the prior year's fourth quarter.
- Homebuilding gross margin percentage, before interest expense and land charges included in cost of sales, was 18.0% for Q4 vs. 17.6% guidance, compared with 19.3% in last year's fourth quarter, and 17.8% for the third quarter of fiscal 2015.
- Co reaffirms guidance for FY16 assuming no changes in market conditions, sees FY16 revs of $2.7-3.1 bln vs. $2.84 bln Capital IQ Consensus; adj. pretax profit $40-100 mln.
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