ara hovnanian

Hovnanian Saw Greater Than Projected Loss, Q1 Net Contracts Down 13% (HOV)

In contrast, Q1 2010 saw net income of $236.2 million, or $2.97 per diluted share, on revenues of $319.6 million. The mean analyst estimate was for a Q1 2011 loss of $0.61a share.

The homebuilding company saw a 13% decrease in net contracts from the prior year to 792 homes in the quarter.

Ara K.

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Hovnanian Enterprises (NYSE:HOV) reported Q1 2011 earnings Tuesday following the closing bell with a net loss of $64.1 million, or $0.82 per share, on revenues of $252.6 million.

By Stephanie Shyu
sshyu@fnno.com

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