Hovnanian hits 3-yr high after raising outlook on strong housing demand

Hovnanian Enterprises

02/03/2021 17:58

** U.S. homebuilder's shares  HOV.N  rise as much as 33% to
hit a more than three-year high of $78.54
    ** HOV says Q1 revenue rises 16% to $574.7 mln
    ** Posts quarterly profit of $19 mln vs a loss of $9.1 mln a
year earlier, helped by a nearly 9% increase in home deliveries
    ** HOV says Q1 orders jump 31.5% to 1,962 homes  urn:newsml:reuters.com:*:nGNXc8DkwD
    ** Raises full-year sales outlook to $2.65 bln-$2.80 bln,
from $2.5 bln-$2.7 bln previously
    ** Forecasts full-year adj. EBITDA to be between $300
mln-$340 mln, up 28%-45% from the prior year
    ** Stock has surged over 131% YTD

 (Reporting by Ankit Ajmera in Bengaluru)
 ((Ankit.Ajmera@thomsonreuters.com))