Hovnanian Enterprises, Inc. Provides Financial Guidance for the Second Quarter of Fiscal 2020
March 05, 2020 at 11:00 am EST
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Hovnanian Enterprises, Inc. provided financial guidance for the second quarter of fiscal 2020. The company provided that assuming no adverse changes in current market conditions, for the second quarter of fiscal 2020, it expects growth in revenues, a gross margin better than the 16.9% it had in last year's second quarter and meaningful improvement in pretax income before any land-related charges or gains or losses on extinguishment of debt. Similar to the historical trends, the company expects to begin the year with weaker first half performance and end the year with stronger performance, particularly in the fourth quarter.
Hovnanian Enterprises, Inc., through its subsidiaries, conducts all of its homebuilding and financial services operations. Its segment includes Homebuilding and Financial services. The Homebuilding segment consists of three segments: Northeast (Delaware, Illinois, Maryland, New Jersey, Ohio, Pennsylvania, Virginia and West Virginia); Southeast (Florida, Georgia and South Carolina), and West (Arizona, California and Texas). The Homebuilding segments are engaged in the sale and construction of single-family attached and detached homes, attached town homes and condominiums, urban infill and active lifestyle homes in planned residential developments. It also includes sales of land. The Financial services segment provides mortgage banking and title services to homebuilding operations customers. Its residential development activities include site planning and engineering, obtaining environmental and other regulatory approvals and constructing roads, drainage facilities and others.
HOVNANIAN ENTERPRISES, INC. 
