Builder Hovnanian Says Income Doubled

Red Bank, NJ, Sept. 4, 2014 -- Homebuilder Hovnanian Enterprises reported third quarter net income of $17.1 million, or $0.11 a share, up from $8.5 million, or $0.06 a share, a year earlier.

Revenue increased 15% to $551 million.

The company's home deliveries grew 3.1% from a year earlier. As of July 31, the Hovnanian's contract backlog was $1.03 billion, up 14% from a year ago.

"We believe the housing industry remains in the early stages of a recovery," said CEO Ara Hovnanian in a press release.