Builder Hovnanian Reports Higher Loss
Red Bank, NJ, March 5, 2014 -- Homebuilder Hovnanian Enterprises reported a net loss of $24.5 million, or $0.17 per common share, for the first quarter, compared with a net loss of $11.3 million, or $0.08 per common share, a year ago.
Total revenues were $364.0 million, an increase of 1.6% compared with $358.2 million during the first quarter of 2013.
Deliveries, including unconsolidated joint ventures, were 1,138 homes, a 4.2% decrease compared with 1,188 homes the previous year.
However, the contract backlog, as of January 31, was $904.4 million for 2,456 homes, an increase of 11.4% and 6.7%, respectively, compared to January 31, 2013.