Company: HOVVB
Filing Date: 2025-02-28
Form Type: 10-Q
Source: 0001753926-25-000367
Chunk: 11

Company: HOVNANIAN ENTERPRISES INC
Filing Date: 2025-02-28
Form: 10-Q
Item: Part I, Item 2
Chunk 11
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 the three months ended January 31, 2025 from $32.6 million for the three months ended January 31, 2024. Net income increased to $28.2 million for the three months ended January 31, 2025 from $23.9 million for the three months ended January 31, 2024. Included in net income for the three months ended January 31, 2025 was a gain of $22.7 million related to the contribution of assets to a new joint venture. Earnings per share, basic and diluted, increased to $3.88 and $3.58, respectively, for the three months ended January 31, 2025 compared to $3.11 and $2.91, respectively, for the three months ended January 31, 2024.

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Table of Contents 

● Net contracts increased 6.9% for the three months ended January 31, 2025 compared to the same period of the prior year. The increase is primarily driven by demand for new homes resulting from the low supply of existing homes for sale and our emphasis on growth by trading a higher sales pace for a lower price.

● Net contracts per active selling community remained flat at 9.6 for the three months ended January 31, 2025 and 2024, while our community count increased from 118 at January 31, 2024 to 125 at January 31, 2025.

● Contract backlog decreased from 1,888 homes at January 31, 2024 to 1,598 homes at January 31, 2025, and the dollar value of contract backlog decreased to $931.9 million, a 16.1% decrease in dollar value compared to the prior year, as our backlog conversion ratio has increased from the prior year period due to our focus on having more QMI homes available to sell and deliver.

Results of Operations 

Total Revenues

Compared to the same period in the prior year, revenues increased (decreased) as follows:

Three Months Ended 

January 31, 

January 31, 

 Dollar  

 Percentage  

 (Dollars in thousands)  

2025 

2024 

 Change  

 Change  

 Homebuilding:  

 Sale of homes  
 
$
646,914

$
573,636

$
73,278

12.8
% 

 Land sales and other revenues  

9,767

 5,292