Red Bank, NJ, December 8—Homebuilder Hovnanian Enterprises reported fourth-quarter earnings that rose 47 percent despite lowered expectations due to severe weather in California that delayed home construction.
The company said quarterly earnings rose to $133.8 million, or $2.06 per share, from $91.2 million, or $1.40 per share, last year. Revenue for the period increased 34 percent to $1.4 billion from $1.05 billion last year.
For the year, earnings rose 36 percent to $348.7 million, or $5.35 per share, from $257.4 million, or $3.93 per share, last year.
Analysts surveyed by Thomson First Call estimated annual earnings of $5.33 per share on revenue of $4.17 billion.
Revenue for the year increased 30 percent to $4.16 billion from $3.2 billion last year.
With a healthy backlog moving forward, the company increased its fiscal 2005 earnings outlook to more than $6.50 per share. Analysts predict earnings of $6.31 per share.
