Red Bank, NJ, June 1--Luxury home builder Hovnanian Enterprises reported earnings in the second fiscal quarter that rose about 50 percent, driven by higher home prices and greater market penetration.
However, the company projected earnings for the current quarter below analysts' estimates, and the stock fell about 2 percent in after-hours trading.
For its second quarter ended April 30, the company said it earned $106.1 million, or $1.62 per share, up from $70.5 million, or $1.06, in the year-ago quarter.
Analysts on average expected the company to post earnings of $1.60 and $1.61 per share without items.
Total revenue rose 32 percent to $1.2 billion.
Looking ahead, Hovnanian said it expected fiscal third-quarter net earnings of $1.70 per share, while the average of two analysts is for earnings of $1.82 per share. Excluding charges, analysts expect the company to post earnings of $1.79 per share.
The company said it expects full-year net earnings to be more than $7 per share, up 15 cents per share from its prior forecast. Analysts on average forecast full-year net earnings of $6.90 per share. Excluding charges, the average of nine analysts puts the earnings estimate at $6.93 a share.
