Hovnanian In Red on Quarterly Loss

Hovnanian narrows its loss in the second quarter and beat forecasts -- but shares fall in after-market trading.
Author:
Publish date:

Homebuilder Hovnanian (HOV) - Get Report narrowed its loss in the second quarter and beat analysts' forecasts, but investors nonetheless shed shares of the company in after-market trading.

During the quarter, the company posted a loss of $118.6 million, or $1.50 a share, compared with a loss of $340.7 million, or $5.29 in the year-ago period. Analysts expected a loss of $1.83 a share.

Its sales nearly halved, falling to $398 million from $776.4 million last year.

Shares in the company gave up an earlier 8.6% gain, falling 2% to $2.85 in after-market trading.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.