Wednesday, December 16, 2009

Hovnanian Still Stinking (HOV)

Hovnanian Enterprises Inc. (NYSE: HOV) is getting clipped in after-hours trading after its earnings release, although not as hard as it had been earlier in the after-hours session.  Shares closed up 11% at $4.23 on stronger housing starts, but shares are down 6% at $3.97 as of 4:50 PM EST. Revenue was down almost 40% to $437.4 million.  The net loss was $250.8 million, or -$3.21 EPS.  We had losses expected at only -$1.72 EPS from Thomson Reuters.  Shares had been off 11% in the after-hours.  The company noted a sales backlog of $559.6 million in value, but it also noted that its cancellation rate was still 24%.


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