By Denny Jacob
Hovnanian Enterprises posted higher results in the first quarter of fiscal 2025, a promising start ahead of the critical spring selling season that will determine much of the year for home builders at large.
The home builder logged net income of $28.2 million, or $3.58 a share, up from $23.9 million, or $2.91 a share, in the prior-year period.
Revenue rose to $673.6 million from $594.2 million.
"Despite the challenges presented by persistently high mortgage rates and monthly sales volatility, we have experienced healthy demand for our homes," said Chief Executive Ara Hovnanian. "Despite the slower start to the spring selling season and the month to month volatility, we are excited about the long-term fundamentals."
Hovnanian forecast revenue between $675 million and $775 million in the second quarter.
Shares are down 7% at $113.02.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
February 24, 2025 09:41 ET (14:41 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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