Hovnanian Enterprises, Inc., a leading national homebuilder, has reported strong fiscal 2024 third-quarter results, with significant year-over-year growth in key financial metrics.
Total revenues for the third quarter of fiscal 2024 increased by 11.2% to $722.7 million compared to the same period in the previous year. Sale of homes revenues also saw a notable increase, reaching $687.4 million for the third quarter, compared to $630.4 million in the previous year.
Income before income taxes surged by 38.2% year-over-year to $97.3 million for the third quarter of fiscal 2024, showing robust financial performance.
The company also reported a 24% year-over-year growth in consolidated community count, and a 34% increase in total consolidated lots controlled.
In terms of financial guidance, Hovnanian Enterprises has increased its midpoint of full-year adjusted income before income tax guidance by 11% to $313 million, showcasing the company's optimism about its future performance.
The press release also mentions notable changes in the company's liquidity and inventory. Total liquidity as of July 31, 2024, was reported at $251.3 million, exceeding the targeted liquidity range, and approximately 4,800 lots were put under option or acquired in 57 consolidated communities during the third quarter of fiscal 2024.
Additionally, Hovnanian Enterprises provided financial guidance for the full fiscal year, with expectations of total revenues between $2.90 billion and $3.05 billion and adjusted income before income taxes between $300 million and $325 million.
Ara K. Hovnanian, Chairman of the Board, President, and CEO of Hovnanian Enterprises, expressed pleasure at the strong financial performance and emphasized the company's commitment to growing its business, as evidenced by the significant increase in lot count, land and land development spending, and consolidated community count.
The press release also highlights the company's webcast of its fiscal 2024 third-quarter financial results conference call, providing an opportunity for investors and stakeholders to gain further insights into the company's performance.
Following these announcements, the company's shares moved 13.5%, and are now trading at a price of $235.6. For the full picture, make sure to review Hovnanian Enterprises's 8-K report.
