Hovnanian reports Q2 (Apr) results, beats on revs; lowers FY16 guidance :
- Reports Q2 (Apr) GAAP loss of $0.06 per share, including land charges, may not be comparable to the Capital IQ Consensus of $0.03; revenues rose 39.6% year/year to $654.7 mln vs the $643.05 mln two analyst estimate.
- The dollar value of consolidated net contracts increased 9.6% to $768.1 million for the three months ended April 30, 2016 compared with $700.7 million during the same quarter a year ago. The dollar value of net contracts, including unconsolidated joint ventures, during the second quarter of fiscal 2016 increased 5.1% to $789.3 million compared with $750.9 million in last year's second quarter.
- Consolidated deliveries were 1,598 homes in the second quarter of fiscal 2016, a 30.7% increase compared with 1,223 homes in the second quarter of fiscal 2015. For the three months ended April 30, 2016, deliveries, including unconsolidated joint ventures, increased 27.8% to 1,647 homes compared with 1,289 homes in the second quarter of the prior year.
- Homebuilding gross margin percentage, before interest expense and land charges included in cost of sales, was 16.1% for both the second quarter ended April 30, 2016 and 2015.
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