FX.co ★ Hovnanian Enterprises Net Profit Rises 48.9%

Homebuilder Hovnanian Enterprises Inc. (HOV) announced on Wednesday that its net income for the second quarter surged by 48.9% to $50.8 million, or $6.66 per share, compared to $34.1 million, or $4.47 per share, in the same quarter last year.

Total revenues for the quarter saw a slight increase, rising to $708.4 million from $703.7 million in the previous year’s corresponding quarter.

Looking forward to the third quarter, the company anticipates adjusted pretax income ranging from $65 million to $75 million and adjusted EBITDA between $97 million and $107 million, based on total revenues projected between $675 million and $775 million.

For fiscal year 2024, Hovnanian now forecasts total revenues to be between $2.75 billion and $3.00 billion.