As a result, according to its 3Q report, Hovnanian's net for the period rose by a whopping 86%. For the quarter, the company earned $39.2 million, or $1.20 per share, up from last year's $21 million and 71 cents a share. Those results came even after a noncash charge of $7.6 million, taken because the company decided to change providers for its companywide software. Revenue rose by 38% to more than $704.6 million, compared to $509.3 million.
The results also led Hovnanian officials to raise their projections for fiscal 2002 as a whole by as much as 30%. Earlier earnings forecasts in a range of $3.75 to $3.90 per share have been lifted to between $4.50 and $4.75 per share.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
