Hovnanian Reports Narrower Loss and Sales and Orders Increased

Hovnanian Enterprises Inc., the largest homebuilder in New Jersey, reported a narrower first-quarter loss as it reduced writedowns and increased sales.

The net loss for the three months ended Jan. 31 was $18.3 million, or 17 cents a share, compared with $64.1 million, or 82 cents, a year earlier, the Red Bank, New Jersey-based company said today in a statement. The average estimate of nine analysts in a Bloomberg survey was for a loss of 42 cents a share.