Robust Market Tumbles in Third Quarter
As our quarterly session ended Nov. 30, 2012, markets struggled to maintain their forward momentum with limited success.
Hovanian was a strong performer on earnings and fourth quarter revenue projections. HOV rose 2.3 points, or 78.77 percent following unexpected third quarter earnings. For its fiscal third quarter, ended July 31, Hovanian reported net income of $34.7 million, or $0.25 per share, turning from last year’s loss of $50.9 million, or $0.47 per share. Revenue was up 35 percent, to $387 million. HOV stomped on analysts’ earning expectations: those surveyed by FactSet expected a loss of $0.14 per share on revenue of $413.2 million. Hovanian said demand for new homes was steady despite a weak U.S. economy. In early November, HOV said fiscal fourth quarter revenue would meet or exceed expectations, which are around $460 million. Hovanian ended at 5.22 and was the top percentage gainer.
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