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Hovnanian Enterprises Inc. Class A (HOV-1.03%) has filed its annual report on Form 10-K for the fiscal year ended October 31, 2024 filing.
The company reported total revenues of $3.0 billion for the fiscal year, an increase from $2.8 billion in the previous year. This increase was primarily driven by a 9.3% increase in home sales revenue.
Homebuilding gross margin percentage decreased to 18.7% from 19.6% in the previous year, mainly due to increased use of sales incentives and concessions.
Net income for the fiscal year was $242.0 million, up from $205.9 million in the previous year. Earnings per share, basic and diluted, increased to $34.40 and $31.79, respectively.
The company reported a backlog of signed contracts for 1,649 homes with a sales value of $936.8 million as of October 31, 2024, representing a decrease from the previous year.
Hovnanian's financial services segment reported an income before income taxes of $24.1 million, an increase from $19.4 million in the prior year, due to higher loan origination volumes.
The company spent $995.4 million on land purchases and development during the fiscal year, and ended the year with $338.2 million in total liquidity, including cash and available credit.
Hovnanian Enterprises continues to focus on increasing its inventory of quick move-in homes to provide buyers with more certainty on mortgage pricing amid fluctuating interest rates.
The company repurchased 188,800 shares of its Class A common stock during the fiscal year under its share repurchase program.
Hovnanian Enterprises operates in 13 states across the United States, with a total of 130 active selling communities as of the end of the fiscal year.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hovnanian Enterprises Inc. Class A annual 10-K report dated December 18, 2024. To report an error, please email earnings@qz.com.