Hovnanian Sees 'Normalized' Market

Hovnanian's (HOV Quote) latest quarterly profit easily beat analyst expectations, but the homebuilder kept its 2006 guidance intact and said much of the national housing market is returning to a more "normalized" pace.

Investors sent the stock down in after-hours trading, after it had fallen 3.5% Wednesday to close at $48.73.

For the fourth quarter ended Oct. 31, Hovnanian reported net income of $165.4 million, or $2.53 a share, up from $133.8 million, or $2.06 a share, a year earlier. Analysts, on average, expected earnings of $2.42 a share, according to Thomson First Call. ...