Red Bank, NJ, September 8—Upscale homebuilder Hovnanian Enterprises reported third quarter earnings that missed analysts' forecasts. Earnings for the quarter were up 34 percent to $116.1 million, or $1.76 per share, verses $86.7 million, or $1.33 per share, in the year-ago period.
Although Hovnanian had forecast earnings for the quarter earnings of $1.70 per share, analysts had pegged the company’s earnings at $1.77 per share.
Sales for the quarter were up 23 percent to $1.3 billion, and the average home price rose 13.6 percent to $345,522.
Hovnanian maintained its outlook for fiscal 2005 earnings of more than $7.00 per share, versus analysts' average estimate of $7.24. the company forecast fiscal 2006 earnings of $8.05 to $8.40 per share, below the average forecast of $8.50.
