Hovnanian Enterprises USA Third Quarter 2012 Numbers
Behind the Numbers:
Hovnanian surprised analysts this week when it logged its second quarterly profit in more than two years. The company’s bottom line was helped by a $6.2 million gain created by extinguishing debt as well as a paper gain of $37 million from a state tax reserve reversal. But not all of the company’s gains were created by financial moves. Hovnanian showed strong growth in both home deliveries and orders for the quarter. The Red Bank, N.J.–based builder also reduced its loan totals for the quarter by repaying some loans with proceeds from new stock sales.
Hovnanian’s fiscal year ends Oct. 31.