Hovnanian Loss Exceeds Analysts’ Estimates as Sales Decline

Hovnanian Enterprises Inc., the largest homebuilder in New Jersey, reported a third-quarter loss that was bigger than analysts expected as sales fell following the expiration of a homebuyer tax credit.

The net loss narrowed to $72.9 million, or 92 cents a share, for the three months ended July 31 from $168.9 million, or $2.16, a year earlier, the Red Bank-based company said in a statement yesterday. The average estimate of seven analysts in a Bloomberg survey was for a loss of about 50 cents a share.