Hovnanian Loss Widens, Revenue Falls

Hovnanian Enterprises (HOV Quote) said its third-quarter loss widened and revenue tumbled from a year earlier as the company continued to struggle with the decline in the housing sector.

For the third quarter ended July 31, Hovnanian's revenue of $716.5 million dropped from $1.1 billion in the same quarter a year ago. The New Jersey-based homebuilder lost $202.5 million, or $2.67 a share, compared with a loss of $80.5 million, or $1.27 a share, in the year-earlier period.

Deliveries, excluding unconsolidated joint ventures, slid 31% to 2,185 homes in the quarter. The number of net contracts, excluding joint ventures, declined 38% to 1,584 homes. The cancellation rate was 32%, a bit better than last year's 35%. ...