Builder Hovnanian Swings to Profit in Quarter
Red Bank, NJ, Dec. 12, 2013 -- National homebuilder Hovnanian Enterprises reported fourth quarter net income was $32.8 million, or $0.21 per share, compared with a net loss of $84.4 million, or $0.59 per share, a year ago.
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Total revenues were $591.7 million during the quarter, an increase of 21.5% over last year's fourth quarter.
Contract backlog was $848.4 million for 2,392 homes, an increase of 14.3% and 11.5%, respectively, compared to last year.
CEO Ara K. Hovnanian said he believes that that "our industry is still in the early stages of a housing recovery."