Hovnanian Enterprises hits 1-1/2 year high on FY forecast raise

Hovnanian Enterprises

30/08/2023 19:16

** Shares of homebuilder Hovnanian Enterprises  HOV.N  jump
14.2% to $114, hitting their highest level in 1-1/2 years
    ** HOV expects FY total revenue to be between $2.6 bln and
$2.7 bln, vs its previous forecast of $2.5 bln-$2.65 bln
    ** Sees FY earnings per share in the range of $21 to $24, vs
$17 to $20 projected earlier
    ** Q3 total revenue decreases to $650 mln from $767.6 mln a
year earlier
    ** "Positive demographic and employment trends, combined
with a low supply of existing homes for sale, has resulted in
strong demand for newly constructed homes" - CEO Ara Hovnanian
    ** Shares of other homebuilders such as Lennar  LEN.N , D.R.
Horton  DHI.N  and PulteGroup  PHM.N  rise between 1.7% and
2.1%; Toll Brothers  TOL.N  up 3.4%
    ** HOV shares have more than doubled YTD, including session
gains
    

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))