Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended July 31, 2024 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number 1-8551 Hovnanian Enterprises, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware (State or Other Jurisdiction of Incorporation or O ...

Hovnanian Enterprises, Inc. (HOV) reported solid results for third-quarter fiscal 2024 ended Jul 31, 2024, despite facing headwinds from economic uncertainties and elevated mortgage rates. The company demonstrated resilience with notable improvements in key financial metrics, driven by strategic investments and a focus on expanding its community footprint. Q3 Results Hovnanian's earnings per share (EPS) rose 32% to $9.75 in third-quarter fiscal 2024 from $7.38 in the prioryear quarter. Robust earnings growt ...

Financial Data and Key Metrics Changes - Revenues for Q3 2024 were $723 million, an 11% increase year-over-year, aligning with the midpoint of guidance [10][12] - Adjusted gross margin decreased to 22.1% from 22.6% in Q2 2024 and from 22.6% year-over-year [12][16] - Adjusted EBITDA increased by 20% to $131 million, exceeding guidance [11][12] - Adjusted pre-tax income rose 34% to $100 million, also above guidance [11][12] Business Line Data and Key Metrics Changes - Year-to-date contracts increased by 8%, but Q3 saw a 13% decline in contracts compared to the previous year [13][14] - Contracts per community decreased to 9.5 in Q3, close to the historical average of 9.9 [14][15] - The percentage of customers using mortgage rate buy downs was 71% in Q3, slightly down from 73% in Q2 [20][21] Market Data and Key Metrics Changes - Recent trends show a 23% increase in contracts over the last five weeks compared to the same period last year, indicating improved demand [18][19] - Mortgage rates have decreased recently, which is expected to positively impact future sales [17][18] Company Strategy and Development Direction - The company is focusing on significant community count growth, with a 20% increase in open communities year-over-year [25][26] - A land-light strategy is being emphasized, with 82% of lots controlled via options, the highest percentage to date [28][30] - The company aims to maintain high inventory turnover rates and reduce construction cycle times to improve ROI and ROE [29][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged economic, mortgage rate, and geopolitical uncertainties affecting buyer hesitancy [16] - The company remains optimistic about future demand due to low existing home supply and positive demographic trends [19][20] - Management expects continued growth in community count and deliveries, with a focus on joint ventures for capital efficiency [40][42] Other Important Information - The company recorded a $46 million gain from the consolidation of a joint venture, contributing to other income [24][25] - Liquidity at the end of Q3 was $250 million, above the targeted range, indicating strong financial health [30][32] Q&A Session Summary Question: Insights on JV consolidation and future income - Management clarified that while the gain from the consolidated JV will shift to wholly owned revenue, new JVs will continue to provide income [49][50] Question: Future gross margin expectations - Management indicated that a gross margin of around 22% is reasonable for Q4, with potential pressures from land costs and mortgage rates [53][54] Question: ROE projections and long-term outlook - Management expressed confidence that ROE will remain above peers due to strong EBIT ROI performance, even as book value normalizes [58][59] Question: Impact of Saudi venture on income - Management stated that meaningful profits from the Saudi venture are expected to materialize by late fiscal '25 or early '26 [65][66]

Hovnanian Enterprises (NYSE:HOV) just reported results for the third quarter of 2024. Hovnanian Enterprises reported earnings per share of $9.75. The company reported revenue of $722.70 million. InvestorPlace Earnings is a project that leverages data from TradeSmith to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human inter ...

Exhibit 99.1 HOVNANIAN ENTERPRISES, INC. News Release | --- | --- | --- | |----------|---------------------------------------------|------------------------------------------| | | | | | Contact: | Brad G. O'Connor | Jeffrey T. O'Keefe | | | Chief Financial Officer & Treasurer | Vice President, Investor Relations | | | 732-747-7800 | 732-747-7800 | HOVNANIAN ENTERPRISES REPORTS FISCAL 2024 THIRD QUARTER RESULTS 11% Year-Over-Year Growth in Total Revenues Income Before Income Taxes Increased 38% Year-Over-Yea ...

11% Year-Over-Year Growth in Total Revenues Income Before Income Taxes Increased 38% Year-Over-Year 24% Year-Over-Year Growth in Consolidated Community Count Total Consolidated Lots Controlled Increased 34% Year-Over-Year Increased Midpoint of Full Year Adjusted Income Before Income Tax Guidance by 11% to $313 Million MATAWAN, N.J., Aug. 22, 2024 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, reported results for its fiscal third quarter and nine months ended Ju ...

MATAWAN, N.J., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, will release financial results for the third quarter ended July 31, 2024, the morning of Thursday, August 22, 2024. The Company will webcast its third quarter earnings conference call at 11:00 a.m. (ET) on Thursday, August 22, 2024. The conference call and accompanying slide presentation will be webcast live through the "Investor Relations" section of Hovnanian Enterprises' website at ht ...

ABOUT HOVNANIAN ENTERPRISES, INC.: FORWARD-LOOKING STATEMENTS "We are thrilled to get a ratings upgrade from Moody's, which follows an upgrade we received from S&P Ratings just two weeks ago," stated Brad G. O'Connor, Chief Financial Officer and Treasurer. "The combination of these upgrades by both rating agencies serves as validation of our accomplishments in paying down our debt and repairing our balance sheet over the past several years. We remain committed to further enhancing our balance sheet and impr ...

MATAWAN, N.J., June 25, 2024 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, today announced that Moody's Ratings ("Moody's") has upgraded Hovnanian's corporate family rating to B2 from B3. In a press release issued on June 24, 2024, Moody's cited an improvement in the company's leverage profile through solid operating performance and growth in net worth, as well as through the recently completed debt exchange transaction. Moody's outlook for Hovnanian remains st ...

Zacks Investment Research has recently initiated the coverage of Hovnanian Enterprises, Inc. (HOV) , a prominent residential homebuilder, with a "Neutral" recommendation. This assessment reflects a balance between Hovnanian's strategic improvements in financial health and operational efficiencies against the backdrop of ongoing market challenges and competitive pressures. A cornerstone of Hovnanian's recent success has been its robust financial restructuring. The company has dramatically reduced its debt fr ...