By Dean Seal
Hovnanian Enterprises logged a smaller profit in its fiscal second quarter as revenue slipped and costs rose.
The homebuilder posted a profit of $19.7 million, or $2.43 a share, for the three months ended April 30, compared with $50.8 million, or $6.66 a share, in the same quarter a year earlier.
Revenue slid 3.1% to $686.5 million. Costs and expenses, meanwhile, rose 3%.
The company's margins weakened as revenue came down. Chief Executive Ara Hovnanian said the company didn't achieve all of its financial guidance during the quarter.
Hovnanian has grown its land position by almost 50% over the past two years, which means revenue should grow significantly if stronger demand returns, the CEO said.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 20, 2025 09:42 ET (13:42 GMT)
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