Hovnanian Enterprises Inc · Q1 2021 earnings

Briefing

Reported a year-over-year improvement in pretax income and an increase in gross margin percentage.

Hovnanian Enterprises reported a 16.3% increase in total revenues to $574.7 million for the first quarter of fiscal 2021, compared to $494.1 million in the same quarter of the prior year. The company's income before income taxes was $19.6 million, a significant improvement from the prior year's loss of $7.4 million. Consolidated backlog dollars increased by 85% year-over-year to $1.67 billion.

• Total revenues increased by 16.3% to $574.7 million.
• Homebuilding gross margin percentage increased 440 basis points to 17.3%.
• Consolidated backlog dollars increased 85% year-over-year to $1.67 billion.
• Income before income taxes was $19.6 million, compared to a loss of $7.4 million in the prior year.

Headline financials

Revenue & EPS history

For the second quarter of fiscal 2021, total revenues are expected to be between $700 million and $750 million; adjusted pretax income is expected to be between $30 million and $45 million and adjusted EBITDA is expected to be between $75 million and $90 million. For all of fiscal 2021, total revenues are expected to be between $2.65 billion and $2.80 billion; adjusted pretax income is expected to be between $140 million and $160 million and adjusted EBITDA is expected to be between $300 million and $340 million.