Business
Hovnanian Enterprises Reports Fiscal 2026 Second Quarter Results
Hovnanian Enterprises Reports Fiscal 2026 Second Quarter
About this update from Hovnanian Enterprises, Inc.
[{"type":"text","content":"Met or Exceeded Guidance on Nearly All Metrics ProvidedGross Margins Improved Sequentially Following First Quarter Trough2% Year-Over-Year Increase in Total Domestic Contracts$442 Million of Total Liquidity Well in Excess of Our Target RangeMATAWAN, N.J., May 21, 2026 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, reported results for its fiscal second quarter and six months ended April 30, 2026. The Company is saddened by the passing of Edward A. Kangas, whose leadership and dedication to Hovnanian spanned many years. As our longest-serving independent director, Chair of the Audit Committee, and Lead Independent Director, Ed provided valued judgment, integrity, and steady guidance to our Board and management team. Beyond his many professional contributions, he was also a trusted friend who will be deeply missed by all who knew him. The Board of Directors and everyone at the Company extend their heartfelt condolences to his family.RESULTS FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED APRIL 30, 2026:Total revenues were $667.6 million in the second quarter of fiscal 2026, which was within the guidance range we provided, compared with $686.5 million in the same quarter of the prior year. For the six months ended April 30, 2026, total revenues were $1.30 billion compared with $1.36 billion in the first half of fiscal 2025.Domestic unconsolidated joint ventures sale of homes revenues for the second quarter of fiscal 2026 was $125.9 million (181 homes) compared with $144.5 million (207 homes) for the three months ended April 30, 2025. For the first half of fiscal 2026, domestic unconsolidated joint ventures sale of homes revenues was $198.3 million (299 homes) compared with $276.3 million (404 homes) in the six months ended April 30, 2025.Homebuilding gross margin percentage, after cost of sales interest expense and land charges, was 10.2% for the three months ended April 30, 2026, compared with 13.8% during the second quarter a year ago. In the first six months of fiscal 2026, homebuilding gross margin percentage, after cost of sales interest expense and land charges, was 10.2% compared with 14.5% in the same period of the prior fiscal year.Homebuilding gross margin percentage, before cost of sales interest expense and land charges, was 14.3% during the fiscal 2026 second quarter, which...