Hovnanian Enterprises: Jumps on higher Q4 revenue

Hovnanian Enterprises

05/12/2019 20:12

** Residential home builder's shares  HOV.N  rise 16.50% to
$25; set for their best day in more than two months
    ** Rev up 16% to $713.6 million, helped by rise in
deliveries  urn:newsml:reuters.com:*:nGNX76szyz
    ** "We are encouraged by the current housing environment and
economic backdrop" - CEO Ara Hovnanian
    ** However, posts a loss vs. year-earlier profit as it
repaid $42.4 million in debt 
    ** Sees Q1 rev growth but expects a weak start to FY, in
line with historical trends - conf. call
    ** HOV up 46% so far this year vs. 80% fall last year

 (Reporting by Praveen Paramasivam in Bengaluru)
 ((Praveen.Paramasivam@ThomsonReuters.com))