Hovnanian Reports a Narrower Loss as Sales of Homes Rise
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Hovnanian Enterprises Inc., the best-performing U.S. homebuilder stock in the past 12 months, reported a narrower loss for its fiscal first quarter as sales and orders increased amid a housing rebound.
The net loss for the three months ended Jan. 31 was $11.3 million, or 8 cents a share, compared with $18.3 million, or 17 cents, a year earlier, the Red Bank, New Jersey-based company said today in a statement. The average of eight analyst estimates was for a loss of 10 cents a share, according to data compiled by Bloomberg.