Hovnanian Enterprises Inc. says its loss narrowed in its fiscal third-quarter as the homebuilder booked fewer write-downs. But signed contracts on new homes plunged 37 percent as demand slowed in the absence of homebuyer tax credits.
The company said Wednesday it lost $72.9 million, or 92 cents a share, in the three months ended July 31. That compares with a loss of $168.9 million, or $2.16 a share, in the prior-year period.
Revenue fell to $380.6 million from $387.1 million the year before.
Analysts surveyed by Thomson Reuters were expecting a loss of 52 cents a share on revenue of about $386 million.
Hovnanian is based in Red Bank, N.J.
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