Tags: US | Earns | Hovnanian

Hovnanian Trims Loss but Home Demand Falls

Wednesday, 01 Sep 2010 05:24 PM

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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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...
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2010-24-01
Wednesday, 01 Sep 2010 05:24 PM
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