Read How Hovnanian Enterprises Fared In Q2

• Hovnanian Enterprises Inc (NYSE:HOV) reported second-quarter FY22 sales of $702.5 million, down slightly from $703.16 million last year.
• Homebuilding gross margin percentage, after the cost of sales interest expense and land charges, expanded 520 basis points to 23.3%.
• Costs and expenses declined 8.4% Y/Y to $617.9 million.
• The company held $163.7 million in cash and equivalents as of April 30, 2022.
• Adjusted EBITDA of $123.7 million increased 62%.
• EPS for the quarter was $8.39 versus $69.65 the previous year. EPS, excluding the $468.6 million benefit of the valuation allowance reduction, was $2.85 in 2Q21.
• Outlook: Hovnanian sees Q3 revenue of $780 million – $830 million.
• The company expects FY22 revenue of $2.80 billion - $3.00 billion and EPS of $26.50 - $32.00.
• Price action: HOV shares are trading higher by 10.7% at $56.65 on the last check Wednesday.