PulteGroup Wins and Wins More on Interest Rate Cuts Hovnanian Enterprises (NYSE:HOV) reported fiscal 2026 third-quarter revenue of $706 million, slightly above the midpoint of its prior guidance range, as the homebuilder navigated a housing market marked by elevated mortgage…
tes, incentives and cautious consumer behavior. Adjusted gross margin was 14.6%, also above the midpoint of guidance, while adjusted EBITDA totaled $32 million
The company posted an adjusted pre-tax loss of $2 million, below its guidance range, which had called for break-even results or better. Chairman and Chief Executive Officer Ara Hovnanian said the shortfall primarily reflected lower-than-expected income from unconsolidated joint ventures, driven substantially by delivery delays at its newest joint ventures. – It’s Time to Ring the Register on Hovnanian Stock “This was the first time in 23 quarters that adjusted pre-tax income finished below the guidance range,” Hovnanian said. He added that results would have fallen within the range if joint-venture income had reached the midpoint of guidance or if quarterly quick move-in sales had been modestly stronger.
Sales Pace and Buyer Caution Third-quarter contracts declined by 57 homes from the prior-year period to 1,359 homes. The company generated 9.4 contracts per community during the quarter, a level Hovnanian characterized as slightly above its historical average. Management said website traffic remained strong, though potential buyers have been hesitant to finalize purchases amid affordability concerns and geopolitical and financial volatility. – Homebuilder Hovnanian Increases Revenue, Raises Full-Year Guidance Hovnanian said August month-to-date contracts were up 3% from a year earlier.