raised its earnings forecast for the full year, but the homebuilder provided third-quarter guidance that would fall short of the consensus Wall Street estimate.
For the second quarter ended April 30, the company had earnings of $1.62 a share, compared with $1.06 a share in the same period a year ago. Total revenue was $1.2 billion, a 32% increase over last year's second quarter. Consolidated deliveries in the second quarter were 3,748 homes.
Contract backlog at the end of the quarter, including unconsolidated joint ventures, was 10,986 homes with a sales value of $3.9 billion. The company expects fiscal 2005 earnings to exceed $7 a share, an increase of 15 cents over its previous projection. In fiscal 2004, Hovnanian earned $5.35 a share.
The company projected third-quarter EPS of $1.70, vs. last year's $1.33.
According to Thomson First Call, analysts were expecting a profit of $1.61 a share for the second quarter. The consensus estimates are $1.80 a share for the third quarter and $6.94 for the year.
Shares of Hovnanian were down $2.55, or 4%, to $59.55 in after-hours trading Tuesday.